On second thought, it turns out that buyers would rather not pay north of $1 million for condos in Flushing, Queens. So 67 of them, holding contracts on 41 apartments, are suing to get out of their deals at Sky View Parc, the shopping mall/luxury condo complex (hey, it worked for the Time Warner Center!) near Flushing's vibrant commercial hub of a downtown. The severely delayed project has had its struggles since the credit markets dried up, and recent reports indicated some money troubles. Now the issue is buyers' remorse, with the Wall Street Journal reporting that the condo customers are attempting to use everyone's favorite contract-escaping legal loophole, the Interstate Land Sales Full Disclosure Act! Lately, ILSA decisions have gone in favor of buyers (like at the Brompton and District), but Sky View Parc is innocent until proven guilty. The 41 units represent nearly one-third of the development's signed contracts.
· Buyers Balk, Claiming No Loans [WSJ]
· Sky View Parc [Official Site]
· Sky View Parc coverage [Curbed]