Pool, basketball court, CVS, salon/spa, a supermarket?is no amenity at the Edge good enough?! Apparently not, because the latest chapter in the Edge epic is this: at least nine buyers are now trying to back out of their contracts at the shiny waterfront towers. (And right after the building recorded the most expensive 'Burg condo sale of the year.) The buyers are employing the same Adam Leitman Bailey & co. big guns who recently won a backout case at the Upper East Side's Brompton, and the same weapon?the old but still mighty Interstate Land Sales Full Disclosure Act (ILSA). According to the letter from the buyers to the sponsor?to be followed by a lawsuit if the sponsor doesn't comply?the condo agreement didn't include the ILSA-required description of the property, and "the Sponsor has materially and deceptively altered the budget and services represented in the Offering Plan...for the First Year of Condominium Operation." So the buyers claim they're entitled to the return of their deposits, which range from $79,000 to $143,750, according to the buyer letters we've seen so far.
The buyers' complaints about alterations to the offering plan center around the building budget. The sponsor, the buyers claim, reduced the building staff and the promised level of service and lowered compensation for resident managers to a point where the building will be unable to find the most qualified folks for the job. Also smaller, or eliminated, are the budgets for elevator maintenance, regular repairs, and service and supplies, including staff uniforms, for which the building has now set aside exactly zero dollars. Concludes the buyers' legal team, "It is not reasonable to expect a well-run building in New York City to not incur these types of costs." Having to scrounge for staff uniforms: is this what the Edge meant by Hardcore Luxury?
UPDATE: Developer Douglaston Development has responded with the following statement: “These allegations are baseless and without merit, and it would appear that this is simply an attempt to extract concessions from the developer. The Edge provides the highest level of service and amenities, and already has closed 88 units with more than 100 additional homes scheduled to close. We pride ourselves in constructing first-class buildings and providing first-class service to our residents.”
This may mean it's lawsuit time.
· Edge coverage [Curbed]
· Buyer Backouts coverage [Curbed]