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Buyer Backouts Finally Succeed at (Surprise!) FiDi's District

New York City buyers attempting to back out of their condo purchases using the arcane Interstate Land Sales Full Disclosure Act (ILSA) haven't had much luck: At both Harlem's Fifth on the Park and Long Island City's One Hunters Point, judges ruled that the developers hadn't sold enough units to need to meet ILSA requirements. But that all changes with a ruling made late yesterday. A federal court decided that three buyers at FiDi amenity overdrive poster child District can use ILSA to get out of their contracts, Crain's reports. Did the building's tactics work too well for its own good?

The buyers, who argued that the developer didn't provide ILSA-required written disclosures about sales, will get back a total of $300,000 in deposits. Buyers are currently appealing the other local ILSA rulings that swung the developers' way?on the argument that ILSA doesn't apply if unit construction is completed within two years of contract signing?so maybe the District buyers' success will turn things around for their fellow contract escaping hopefuls. As for FiDi's fanciest digs: first Chipotle, now this? District, it feels like we don't even know you anymore.
· Federal court hands NY condo buyers big win [Crain's]
· District coverage [Curbed]
· ILSA coverage [Curbed]