From left: Ilan and Mati Bracha, an interior shot of a Rushmore condo (credit: Bracha Group Blog) and the exterior of the Rushmore

Ilan Bracha, chairman of the Manhattan brokerage Keller Williams NYC, the local franchise of national firm Keller Williams Realty, is moving up in the world in accordance with the growth of his franchise, which has accumulated more than 160 agents in the last year.

Bracha and wife Mati Bracha, an artist, have purchased a four-bedroom, 3,056-square-foot penthouse at the Extell Development’s Rushmore condominium at 80 Riverside Boulevard, according to public records filed with the city today. The deed for the property is in Mati’s name, records show.  [more]

From left: Gary Barnett of Extell Development, Attorney General Andrew Cuomo and the Rushmore

Extell Development and Carlyle Realty Partners filed their long-anticipated appeal against Attorney General Andrew Cuomo, asking the New York State Supreme Court to overturn his order to refund $16 [more]

The Rushmore and Gary Barnett

Extell Development President Gary Barnett conceded defeat after the state attorney general ordered him to release 41 buyers from disputed contracts at the 289-unit Rushmore condominium (click here to see the attorney general’s decision). “We’re not happy about this but we never expected many of these people to close at this point,” Barnett told The Real Deal in a telephone interview. Attorney General Andrew Cuomo ended a 14-month dispute at the Rushmore, located at 80 Riverside Boulevard, after buyers alleged the developer failed to begin closing apartments by a Sept. 1, 2008 deadline. Extell has argued that the missed deadline was due to a “typo” and that closings at the Rushmore were supposed to commence closing a year later, but the AG states not only that Extell failed to back up the claim, but that the alleged error should not negate the buyer’s claims. [more]

From left: Attorney General Andrew Cuomo, Secretary of Housing and Urban Development Shaun Donovan and the Rushmore

The U.S. Department of Housing and Urban Development has launched an investigation into the Rushmore condominium, amid allegations that the lawyers for the developer, Extell Development, held previously undisclosed meetings with state Attorney General Andrew Cuomo’s office to prevent existing buyers from backing out of their apartment contracts.

HUD officials said that as of May 11, 2009, Extell “voluntarily suspended” the building’s registration under the Interstate Land Sales Full Disclosure Act (ILSA), a federal law that protects consumers in newly constructed condos with more than 99 units. The move would allegedly be a way for the developer to shield itself from ILSA-related claims.

HUD opened the probe after media reports mentioned that 34 buyers filed complaints with the AG’s office. While officials did not disclose why Extell would suspend, documents obtained by The Real Deal show the Rushmore developer was facing an ILSA-based lawsuit prior to the filing. [more]