Buyers seek to renege on contracts in 20 buildings

Will the last one out of 505 W. 47th St. turn off the lights?

The Real Deal has found buyers asking for their deposits back on nearly 400 units within 20 buildings. In one case, more than 50 percent of the buyers in a building, the 505 in Hell’s Kitchen, filed lawsuits in federal court asking for return of their deposits.

Using the Freedom of Information Act, the monthly publication obtained a list of escrow disputes from state Attorney General Andrew Cuomo’s office, searched published archives and court databases for lawsuits against developers, and consulted with attorneys who are working on these cases.

While there is no comprehensive list of contract disputes, the result of the research is a list of the 20 buildings citywide that analysis found had the most wrangling over contracts.

Some buildings may not have made the Real Deal’s list because the AG’s office provided information on only 123 disputes, while 410 have been filed this year alone, according to spokesman Matthew Glazer.

Whatever happened to a deal is a deal?  One thing that happened is that many developers failed to fulfill their written promises.  Another thing is that some consumers have done whatever it takes to transform their bad judgment into someone else’s misfortune.

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201
Web site

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