From the NY Post:
Sponsors of the massive, $1 billion Sky View Parc complex in Flushing will refund 75 percent of $5 million in down payments to buyers who backed out of contracts on $50 million worth of luxury apartments -- a settlement likely to send shivers through the ranks of the city's condo developers.
The agreement will recoup $3.69 million plus interest for 118 buyers represented by Adam Leitman Bailey, a lawyer who has filed suits for plaintiffs in numerous similar cases.
All the buyers sued under the once-obscure federal Interstate Land Sales Full Disclosure Act, which requires condo sponsors to register their project with the Housing and Urban Development department and to provide buyers with "disclosure" reports. As at many other condo projects, that was not done at Sky View Parc, located on College Point Boulevard.
The suit also cited alleged failure by Onex Real Estate Partners to disclose "substantial problems" at the project to the buyers. Those issues, reported in The Post last August, included at the time a $160 million cost overrun and loan restructurings.