The Real Deal New York

Posts Tagged ‘lawrence weiner’

  • ILSA ruling a blow to 505 condo’s buyers

    December 10, 2010 02:05PM
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    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]

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    5th on the Park and Stephen Kliegerman

    Fifth on the Park, the Harlem condominium that saw a landmark Interstate Land Sales Full Disclosure Act case earlier this year, has switched up its marketing team after selling 51 percent of its 160 units since launching sales in April 2007. Halstead Property Development Marketing will become the exclusive sales team for the development, located at 1485 Fifth Avenue between 119th and 120th streets. Prices there range from $489,000 for a one-bedroom unit to $1.74 million for a four-bedroom apartment. Stephen Kliegerman, executive director for Halstead Property Development Marketing, was not immediately available for comment.

    Yoav Haron, CFO with Artimus Construction, a partner with the development team, Uptown Partners, said in a statement that the team has “been very pleased with the progress made up until this point.” … [more]

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  • 20 Pine Street

    A federal district court judge denied an attempt by the sponsors of the 20 Pine Street condominium to throw out two … [more]

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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]

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