Feisty buyers at the Brompton, 170 East End Avenue, and the Rushmore have been suing developers to get out of their contracts as they've realized -- holy recession! -- that their brand spankin' new apartments aren't worth what they pledged to pay for them. Now the developers are trying to lure the buyers back with deals struck outside of court. At 170 East End Avenue, the Times hints, there was a "meeting of the minds" when hedge funder Arvind Sanger closed on his penthouse for only $11.98 million, after agreeing to pay $12.5 million back in the heady days of 2007. At the Brompton, buyers' lawyer Adam Leitman Bailey said some buyers have received concessions in exchange for keeping their contracts, though Related, the developer, denied it. Rushmore buyers are reportedly being offered discounts of up to 25 percent to hang onto their contracts. Ah, the sweet smell of developer desperation!
· Big Deal - A Weapon Called Fine Print [NYT]
· Rushmore buyers offered deals to stem mass defections [Real Deal]