From the October issue: When the buyer of a new development condo on the Upper West Side broke
his sales contract last spring, he didn’t regret forfeiting the
$250,000 deposit. By his estimate, the $2.5 million condo had lost far
more of its value — some $800,000 — since he agreed to purchase it. “He thought, ‘I’m losing less money walking away from my contract
deposit. I’m not going to throw good money after bad,’” said Steven
Sladkus, a partner at law firm Wolf Haldenstein Adler Freeman &
Herz, and the buyer’s attorney. So Sladkus was surprised to get a call from the buyer a few weeks ago
asking if the sponsor would sell him the unit after all — for the
right price.
Buyers begin to boomerang
Some purchasers who ditched deals are now reclaiming the same units -- at a lower price
October 16, 2009 06:20PM
By Candace Taylor
