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.