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.
8 comments:
So the building is empty and they want to put up more of the same shit next to citifield!! More housing!! More retail space! HAHAHAHAHAHAAHAHAHAHAHAHAHAHAHAHA
Thanks for starting my day with a smile =D
In the real estate business they always say that it's....location, location, location!
And this is one of the worst if you're trying to push your crappy condos as luxury living.
Who wants to inhale the fragrance of the Flushing River at low tide or the jet fumes from La Guardia's fights?
Then there's the "beauty" of being located adjacent to the #7 line, the Bland Projects and the Van Wyck Expressway.
Mr. Muss....even the Chinese, who you've been marketing your "luxury" condos to aren't that dumb!
Now you can take your bath.
People, they are gutting services to keep the real estate industry afloat.
Yes, take a look at the picture - its your taxes that built this, and towers all around town - and the pol's friends, the developers, are getting rich.
When the market collapses, we are going to have big empty towers sucking money out of the system - as your services continue to deteriorate.
still laughing at this one
LOL @ "A new vision of luxury living in Flushing."
(Sky View's slogan)
As 118 buyers are slated to get their money back, the developer is working even harder to lure investers from China who are eager to put money into America's real estate. Who knows? The building may not be empty for much longer, if there are enough suckers out there with too much cash to throw away...
Sky View Parc is 50% sold. Congrat to them. All the haters out there will get jealous
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