Yesterday it was accusations of fraudulent signature shenanigans, so what new craziness does One Madison Park have in store for us today? Buyer refunds! The Real Deal's David Jones reports that State Attorney General Andrew Cuomo's office has told One Mad Park's developers to offer refunds to buyers who haven't yet closed on their contracts. Half of the 69-unit building is in contract but only about a dozen sales have closed so far, so the developers could be on the hook for refunds for more than 40 percent of the apartments. Refund offers are legally required after what one attorney called "material" events like a foreclosure. On the bright side for the developers, maybe a few more of those in contract units will turn out to be freebies?
· One Mad. Park told to offer buyers refunds [Real Deal]
· One Madison Park coverage [Curbed]