After years of idle discussion about reform, New York Attorney General Eric Schneiderman has enacted major rule changes to the regulation of condominium and co-op escrow disputes. Following the 2008 financial crisis, the office was swamped with hundreds of such disputes, where condo buyers fought developers to get back their deposits on new construction apartments. Now, the agency will require buyers and builders to settle claims in state and federal court, rather than before the agency, The Real Deal has learned. [more]
Posts Tagged ‘Escrow’
In the last major court battle of a multi-year escrow dispute at the Rushmore condominium, a State Supreme Court judge ruled in favor of a Wall Street executive who sued to rescind her $6.9 million purchase at the building.
Supreme Court Justice Debra James ordered Extell Development and Carlyle Realty Partners to refund more than $1 million to Kelly Coffey, a Manhattan resident who originally agreed to buy the unit in 2007. The judgment represents Coffey’s down payment, plus interest and fees. [more]