Amid accusations of a sham closing, buyers at new condo No. 22 Renwick are getting their money back.
Purchasers at the delayed Soho development were given a 15-day period in which to rescind their contracts, according to a Feb. 17 amendment to the offering plan obtained by The Real Deal (see amendment after the jump). In a previous amendment, filed in November, sponsor 22 Renwick Street Associates stipulated that purchasers would receive the right of rescission unless a temporary certificate of occupancy, or TCO, for at least 50 percent of the units in contract had been issued by Jan. 31, 2010. The TCO was not issued in time, according to the amendment, so purchasers who were in contract at the time of the November amendment were told they could back out of their contracts and get their deposits back. Located at 22 Renwick Street between Spring and Canal streets. It was hit with a stop work order in December, but it has since been removed, according to the Department of Buildings Web site. A growing number of new developments, including Linden78, One Madison Park and the Setai, are being forced to offer their buyers so-called right of rescission in the real estate downturn, often due to construction delays. [more]

12 East 78th Street (left) and 518 West 134th Street

The most expensive homes to hit the market this week are a condo unit
and a townhouse both listed for $12 million, according to
Streeteasy.com. The five-story townhouse at 12 East 78th Street, which
belongs to Marisa Noel Brown and Matthew Brown, who lost money in
Bernard Madoff’s Ponzi scheme, is listed with Stribling &
Associates and Sotheby’s International Realty. The $12 million condo is
a three-bedroom, two-bath penthouse at 285 Lafayette Street, listed with
Brown Harris Stevens. The least expensive home listed this week is a two-bedroom, one-bath co-op at 518 West 134th
Street. The home is on the market for $237,500 with Realty Networking
services. TRD
[more]