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Upper East Side couple sues developer for reneging on buyout deal

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The couple have lived in their apartment since 1979 and were initially offered $625,000 to move out by June 1

Courtesy StreetEasy.

Two Upper East Side tenants are suing developer Leo Pustilnikov for back tracking on an agreement to pay the couple $625,000 to vacate their apartment within the Rosario Candela-designed building at 12 East 88th Street, reports The Real Deal.

Last year, Pustilnikov purchased 12 of the building’s 24 apartments from Simon Baron Development for $10 million. According to a lawsuit, tenants Avi and Fern Abramoff, who have lived in their apartment since 1979, were offered $625,000 to move out by June 1 with payment set to be received on April 18. However, Pustilnikov reneged on the deal on May 7 after determining that the offer was “too generous given the existing market conditions.”

Per TRD, an attorney for Puslinikov offered the Abramoffs a new offer of $400,000, but they rejected it. The couple has stated that they are still willing to move out by June 1 under the terms of the original agreement.

Back in 2016, the building began its conversion from rentals to condos, featuring designs by Champalimaud, with prices going from around $3 million. According to StreetEasy, current listings within the building range from $1.65 million to $9.5 million.