Buyers’ attorney Lawrence Weiner and the 505

An Interstate Land Sales Full Disclosure Act case brought against the 505, a new 108-unit Hell’s Kitchen condominium, has been dismissed in U.S. District Court, the developer announced today, marking a defeat 35 buyers.

Fifty-three buyers filed ILSA claims, starting in June 2009. Subsequently, 18 of those either settled with the builder Parkview Developers or closed on their units at 505 West 47th Street.

But while a statement from Parkview said the developer intends to seek legal fees from the claimants, the buyers’ attorney Lawrence Weiner said that his clients intend to appeal. [more]

505 West 47th Street

The 505 Condominium in Hell’s Kitchen announced it was approved for mortgage financing by the Federal Housing Administration.
Parkview Developers said that FHA approval will allow additional buyers to qualify for mortgage loans at the property, located at 505 West 47th Street. FHA financing allows buyers to get a mortgage with only 3.5 percent down payment.
The property is offering 108 units, starting with $425,000 studios up to two-bedroom units for $955,000.

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505 West 47th Street

The 505 Condominium in Hell’s Kitchen announced it was approved for mortgage financing by the Federal Housing Administration.
Parkview Developers said that FHA approval will allow additional buyers to qualify for mortgage loans at the property, located at 505 West 47th Street. FHA financing allows buyers to get a mortgage with only 3.5 percent down payment.
The property is offering 108 units, starting with $425,000 studios up to two-bedroom units for $955,000.

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Condominium buyers at a luxury Harlem project filed court papers yesterday to begin an appeal of a recent decision that was the first ruling on the Interstate Land Sales Full Disclosure Act, or ILSA, in New York state in the last two decades. Buyers of two condo units at Uptown Partners’ 5th on the Park, the 160-unit condo development at 1485 Fifth Avenue at 120th Street, filed a notice of appeal in Manhattan federal court yesterday, the filing shows. They sought to overturn a decision issued Jan. 30 by federal judge Denise Cote who ruled that the developers of the project were exempt from the ILSA statute, thereby rejecting buyers’ efforts to break their contracts and get their deposits back. The federal ILSA law requires that developers who have divided land into 100 or more units, file a property report with the U.S. Department of Housing and Urban Development. Buyers must also be given a report before signing their contract. The little-known law has been used in dozens of cases in New York City where buyers are trying to back out of their contracts. [more]

Lev Parkview investor Mati Weiderpass and the 505 Condominium at 505 West 47th Street

Just weeks before closings began at the 505 Condominium in Hell’s Kitchen, Lev Parkview Developers sent letters to dozens of buyers at the building, threatening to forfeit their deposits if they failed to close on their contracts and move forward with a federal lawsuit, according to documents obtained by The Real Deal. The 108-unit condo, located at 505 West 47th Street, is facing litigation from dozens of buyers who want to get their deposits back, amid a lawsuit alleging that Lev Parkview failed to provide property reports to buyers and submit a so-called statement of record with the federal department of Housing and Urban Development. The financial statement is required under the Interstate Land Sales Full Disclosure Act, a federal statute originally used to protect buyers from scam swampland purchases in Florida. The act has been used in a number of condo suits in New York and other states, and applies to buildings with 100 units or more.  More

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