When Long Island City condo One Hunters Point opened for sales, it seemed to be a hit with pretty much everyone. But first impressions can be deceiving! Eight buyers at the condo decided they wanted out of their contracts and turned to the Interstate Land Sales Full Disclosure Act (ILSA), a loophole buyers around the city have been trying to get out of contracts as property values nosedive. But now a federal judge has ruled that the One Hunters Point buyers can't have their deposits back, GlobeSt reports. As at Harlem's Fifth on the Park, low sales numbers helped the developers: fewer than 100 uncompleted units had been sold when the temporary certificate of occupancy was issued, and the rest of the units were already completed or under contract, meaning the building's required to be done within two years. Sorry, buyers: all sales are final.
· Condo Buyers Can't Rescind Contracts in Downturn [GlobeSt]
· ILSA coverage [Curbed]