Arris Lofts, apple of Long Island City's eye, has been far too quiet lately. The condo-converted warehouse on Thomson Avenue was the subject of a number of epic Curbed threads while the building was going through the sales process in 2007-8. There hasn't been much chatter coming out of Arris since, which must mean that all the buyers are happy with their purchases! Well, all except for the building's biggest catch.
Back in 2008 a New Jersey couple, Darius and Marina Tencza, paid $2.995 million for a 3,225-square-foot penthouse at Arris Lofts, a record for a Long Island City condo. They posed for pictures and spoke to The Real Deal about their excitement regarding the building and the neighborhood. Now they're back in the pages of that very same publication, albeit under far different circumstances.
TRD's Sarah Ryley reports that the couple is on the list of condo buyers attempting to wiggle out of boom-time purchases by invoking the Interstate Land Sales Full Disclosure Act (ILSA), a previously obscure loophole that's been cited frequently lately, albeit with limited success so far. What makes this ILSA case different? Most buyers head to court before actually closing on their new condo, but the Tenczas have already been living in the apartment for two years. Even Bed Bath & Beyond's return policy isn't that lenient!
Ryley also reports that ILSA filings are declining in the wake of legal defeats, but new cases this year deal with buildings such as FiDi's District (where buyers scored the one victory to date) and the W Downtown Hotel & Residence, as well as Downtown Brooklyn's Toren. Forget the flu, buyer's remorse is the quickly spreading bug around these parts.
· Few ILSA cases likely to arise in future [Real Deal]