Linden78 apartment from left: the A-line model unit by Thom Filicia and the B-line unit by Meridith Baer & Associates

Linden78, Urban Residential’s once-troubled Upper West Side condominium that relaunched sales late last year, is now 80 percent sold, according to the project’s marketing team. The long-awaited 32-unit project, at 230 West 78th Street, has been here before: Linden78 had nearly sold out in pre-sales during its first go-around on the market, but construction delays forced the developers to let buyers out of their contracts in the spring of 2009. But that threat has vanished now that the building is complete, and apartments are moving quickly. TRD Comments

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Former Corcoran sales director suing for commissions from Five Franklin, the Avery and Linden78

A former sales director for Corcoran Sunshine Marketing Group says she
has been stiffed for more than a quarter million dollars in residential
brokerage commissions for sales in high-profile developments including
Five Franklin, the Avery and Linden78, a court filing says. Broker Nancy Reese accuses Corcoran Sunshine and other Corcoran
entities of withholding at least $200,000 in commissions on closed
sales and says the developer of Linden78 owes her $70,000 in
commissions on canceled contracts, the court papers say. The lawsuit was filed at a time when experts believe more contracts
will be canceled as the condominium market continues to deteriorate.
But real estate lawyers said most contracts between brokerages and
developers include clauses that state that commissions are not due
until the title is passed to the buyer, so brokers are generally not
paid when a contract is canceled, attorney Adam Leitman Bailey, who was
not involved in the case, said. [more]

Due to construction delays, the developers of Upper West Side
condominium Linden78 have given all of the project’s buyers the option
to back out of their contracts, a phenomenon that may become more
common throughout the city as the credit crisis slows building progress. The sponsors of Linden78, a 33-unit condominium at 230 West 78th
Street, offered rescission rights to all of the project’s buyers in
mid-April, according to a statement provided exclusively to The Real
Deal from the developer, Urban Residential. “The building was originally slated for completion in 2008, but
experienced delays during construction,” Urban Residential said in the
statement, released through the project’s exclusive sales agent,
Corcoran Sunshine Marketing Group. “As a result of the delays, a
provision of the condominium offering plan required the developer to
offer rescission rights to purchasers.” [more]