The Real Deal New York

From the May issue: Two federal court decisions siding with developers in Harlem and Long Island City have thrown a wrench into the legal strategy a growing number of New York condo buyers have pursued to get out of their contracts. The rulings, which involve the Interstate Land Sales Full Disclosure Act, commonly referred to as ILSA, have also divided the legal community on how hundreds of other similar cases will be decided in New York. ILSA, a consumer protection law first passed in 1968, requires developers of new condos or time-shares of at least 99 units to register their buildings with the U.S. Department of Housing and Urban Development. But for years, the law went unused and unnoticed here in New York, until hundreds, if not thousands, of condo buyers in the city invoked it to get their deposits back after the 2008 market crash. [more]