Buyers at the Edge want refunds, claim sponsor violated ILSA
From left: Adam Leitman Bailey, the Edge and its developer, Jeffrey Levine of Douglaston DevelopmentAt least nine apartment buyers, represented by attorney Adam Leitman Bailey, are now trying to back out of their contracts at the Edge, a 575-unit condominium at 22 North 6th Street on the Williamsburg waterfront. Bailey, who just won a similar case at the Brompton on the Upper East Side, is using the Interstate Land Sales Full Disclosure Act to fight for his clients, Curbed first reported.
“Our client purchasers at the Edge are entitled to a full refund of their deposit and to rescission of their purchase agreements,” Bailey said in a statement. He noted that since the agreements “do not contain a description of the property in recordable form,” they are in violation of ILSA. Bailey accused the sponsor of “materially and deceptively [altering] the budget and services represented in the offering plan” for the first year of operation. “A number of our clients want to still purchase in the building but the developer’s attorney refuses to participate in any meaningful discussions,” Bailey added.
If the sponsor doesn’t comply, the buyers — who claim they’re entitled to the return of their deposits, which range from $79,000 to $143,750 — are threatening to sue. “It is not reasonable to expect a well-run building in New York City to not incur these types of costs,” the buyers’ letter to the sponsor said.