Soho penthouse flipped for $49M is top Downtown deal this year
A series of attorney general’s office rulings favoring the developer of Soho Mews may signal a turning point for condo buyers looking to break their contracts at boom-era new developments across the city. At the West Broadway and Canal Street project, 31 of the 68 units were in contract before the real estate collapse. To date, only 15 apartments have closed, and developer Albert Laboz of United American Land has been hit with seven complaints by buyers looking to get their deposits back. In five cases, deposits were given to the developer after the buyers’ complaints — about an error in the description of the property and about misrepresentations of the closing date — were found to be insignificant. Another buyer settled and the seventh had raised a question about federal law, so that case was not decided. While lawyers for buyers in similar pending litigation at New York City condo developments said their own claims were based on more substantive errors, John D’Agostino, a lawyer for Soho Mews, said the decisions were a turning point. [NYT]
