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Judge to Developer: Give Rushmore Buyers Their Money Back

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Last week in shenanigans at the Rushmore, developers Extell and Carlyle Realty Partners sued Attorney General Andrew Cuomo over his ruling that Extell needed to release 41 buyers from their contracts and filed a motion for a restraining order that would block refunds to those buyers. Extell's been arguing that the whole Rushmore misunderstanding stems from a typo, and that the lawyers who drew up the condo's offering plan meant to write in a closing date of "2009" but accidentally wrote "September 2008." And the court says: too bad! A U.S. District Court judge ruled yesterday that Extell still has to give the buyers their refunds, The Real Deal and Wall Street Journal report. Those refunds amount to $16 million in deposits?from about $110 million in unit sales?which will be one of the largest refunds ever handed out. That's unless Extell comes up with some other stall tactic, a move we wouldn't put past them.
· Judge orders release of Rushmore escrow funds [Real Deal]
· Cuomo Wins Suit Filed by Extell Development Co. and Carlyle Realty Partners [WSJ]
· Rushmore coverage [Curbed]

The Rushmore Condominium

80 riverside boulevard, new york, ny 10069-0318