From left: Fifth on the Park and One Hunters Point

In one of the nation’s most closely watched Interstate Land Sales Full Disclosure Act cases, a federal circuit court yesterday overturned a controversial lower court ruling involving two New York condominiums, forcing the release of millions of dollars in escrow funds and potentially ending the debate over whether the federal statute applies in New York City real estate.

The U.S. District Court previously ruled that Harlem’s Fifth on the Park condo and One Hunters Point condo in Long Island City were exempt from ILSA laws because even though the condos were larger than the federally mandated 100-unit limit, the developers sold less than 100 units when they got the temporary certificate of occupancy from the New York City Department of Buildings…. [more]

The New York Police Department’s 108th precinct has handed over 15 of its roughly 55 Long Island City parking spots to residents of One Hunters Point, the new 12-story condo tower at 549 Borden Avenue, who have complained for months that the cops were taking up more than their fair share of parking. The condo owners, who also recently succeeded in a campaign to lessen the volume of idling Long Island Railroad train engines nearby, petitioned and lobbied Community Board 2 to get the street parking issue on the table. The NYPD hasn’t exactly surrendered the spots, though. — the city has merely agreed to “kicked the can down the street a little,” according to Joseph Conley, chair of Community Board 2. Now, the bright red “no standing” signs that irked those living at One Hunters Point will be located on the west side of Fifth Street.