Sunday, May 17, 2009

Left in the lurch

From Fox 5:

Some residents of an unfinished apartment building in Battery Park City say they are living in a legal limbo while also residing in an unsafe environment. Developer YL Equities defaulted on a $165 million loan in the middle of the condo project at 225 Rector Place.

That left many would-be buyers unable to close on their property, forced to wait for construction to be eventually completed because they can't get their down payment back. One young couple told Fox 5 that they put down thousands on a studio, but now they've been forced to rent the apartment instead, waiting for something good to happen. They say the building is unsafe because of unfinished construction.

1 comment:

Anonymous said...

But the city can't wait to develop Willet's Point and Flushing Commons.

For which of you, desiring to build a tower, doesn't first sit down and count the cost, to see if he has enough to complete it? or perhaps, when he has laid a foundation, and is not able to finish, everyone who sees begins to mock him, saying, This man began to build, and wasn't able to finish. Luke 14:28-30

Nothing changes, does it?