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Apthorp Developers Ordered to Return Buyers' Deposits

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After everything the Apthorp has been through, we thought a little loan lawsuit couldn't do much to hurt sales at the building. We thought wrong! As usual, The Real Deal's David Jones has the latest, and it's quite something: the attorney general has ordered the Apthorp's developers to shut down the sales office, pay a $190,000 fine, and return contracted buyers' deposits. The drama stems from some contradictory statements made to the AG's office about what would happen if the building's loan were sold. After a settlement signed yesterday, the Apthorp will give buyers 15 days in which to reclaim their deposits. And all those aspiring flippers may just have to wait for the turbulence to end before they can find some willing buyers. If that day ever comes.
· AG fines Apthorp, halts sales, orders refunds [Real Deal]
· Apthorp coverage [Curbed]

Apthorp Building

390 West End Avenue, New York, NY 10023