Back in June we wondered if early closings at The Setai?the long-delayed conversion of 40 Broad Street in the Financial District into a Miami-like spa/condo hybrid thingy?were a case of a developer trying to sneak some sales in ahead of the deadline when buyers would be allowed to walk away from their contracts without penalty. Indeed it would appear so, because after some legal wrangling (one buyer filed a suit alleging that the first sale?closed on the "outside date" of June 30, 2008?was connected to the sponsor, a legal no-no), buyers have until August 1 to rescind their contracts. The Setai joins the growing list?hence the new rubric!?of developments where construction delays have given buyers a chance to bail on contracts negotiated during sunnier times, including FiDi's 45 John and the UWS's Linden78 of late. A Setai rep tells The Real Deal that 75 percent of the remaining 156 units are in contract, and those who chose to move ahead with their purchases can close on August 1. Will the mysterious "European entrepreneur" still seal the deal on his FiDi-record-setting $7.82 million penthouse? If not, dibs on the double-sided fireplace!
· Setai condo buyers granted right to cancel contracts, get deposits back [Real Deal]
· The Setai [Official Site]
· The Setai coverage [Curbed]