Lawsuits

Darius and Marina Tencza moved into their Arris Lofts penthouse and, 16 months later, sued the developer to get out of the contract. Even though they were already living there, a Manhattan federal judge has ruled that they can get out of their contract under the Interstate Land Sales Full Disclosure Act, more commonly known as ILSA. The case marks the first time a buyer has been allowed to use ILSA after closing?in this case, because the Tenczas weren't aware of the law before signing their contract and thus did not waive their rights. [Real Deal; previously]