Secretive condos become more transparent at buyer behest – but there’s still a ways to go
From the October issue: While many of New York City’s new residential towers are sheathed in glass, the process of buying a new condo is far less transparent. Despite the attorney general’s strict disclosure requirements, misrepresentations were rampant during the hectic boom-time market, leaving new condo buyers struggling to uncover some of the most basic information about their new buildings — facts that buyers in even slightly older condo buildings don’t have to fret over. How many apartments had been sold? What percentage of units are owner-occupied? What kind of refrigerator will they have? [more]