A New York doctor who paid $1.23 million toward a $4.1 million condo at The Residences at Mandarin Oriental in downtown Boca Raton is suing to get the money back. Dr. Sajid Malik filed the complaint Friday in Palm Beach County Circuit Court against the developer, Via Mizner Owner III, LLC, and escrow agent First American Title Insurance Company.
Malik signed for Unit 712 in Tower 105 in January 2022. The contract gave an estimated completion date of December 2022 and required delivery within three years of that date. According to the suit, no closing took place by Dec. 31, 2025, and the project “remains far from complete.”
Malik’s attorney sent the developer a default notice and refund demand in August. The complaint says the developer never responded.
The deposit is no longer held in escrow. First American released $820,000 to the developer for construction in 2022, then released the remaining $410,000 after the developer posted a surety bond through Federal Insurance Company. Only First American and the state can make a claim on that bond. The suit says First American has refused to act without a court order because the developer disputes that Malik is owed a refund.
Malik wants his full deposit returned with interest, plus attorney’s fees. He is asking a judge to order First American to pursue the $410,000 bond on his behalf. The complaint notes that other Tower 105 buyers have filed similar suits in the same court over deposits they say the developer has refused to return.
These are allegations in a civil filing, and the claims have not been decided in court.
