From the October issue: It’s often said that the devil is in the details — and for many New
York City buyers and sellers, that’s increasingly become the case in
the down market. New development brokers and real estate lawyers say many of the
attempts they are seeing among buyers to get out of contracts are from
those arguing that the measurements on their condos are different from
what they were promised. They say that sometimes buyers will invoke the
claim over a minor quibble, such as small floorplan discrepancies or an
inch or two difference in ceiling height. Meg Goble, a real estate lawyer and a partner at Hanley & Goble,
said buyers must prove that there are “significant and material”
differences between the representation made to the buyer and the
finished product. However, there is little spelling out of exactly what
that means.

The Milan Condo on 23rd Street in Chelsea is going to need a new name. Joining
the ranks of New York City’s many “nondos,” the 42-unit conversion will
remain a rental building rather than going condominium as planned. The
Milan, which hit the market in June of 2008, failed to sell enough
units in time for its condo offering plan to be declared effective,
according to Douglas Wagner, president of Benjamin James Real Estate,
the exclusive marketing and sales agent at the building. Instead, the
now-vacant units will be leased out, said Wagner, whose company has
already started marketing rentals there. [more]