By: Sara Polsky
June 30th, 2011
The shopping mall/luxury condo complex planned at Sky View Parc in Flushing, Queens, met with some resistance…from apartment buyers, who realized they didn’t actually want to pay more than $1 million for the building’s apartments. (They had some extra time to think about it.) So they called on expert real estate refund-getter Adam Leitman Bailey and his no longer so secret weapon, the Interstate Land Sales Full Disclosure Act. A winning combination! A group of 118 buyers will be getting a total of $3.69 million in refunds, or 75 percent of their down payments, the Post reports. That’s “the largest ILSA settlement on record” in New York, Bailey tells the Post. Not only did the developers fail to give the ILSA-required disclosure reports to buyers, their suit alleged, but the cost overruns and loan issues at the project also weren’t disclosed. Whoops! The project has 1,000 apartments (spread over three towers) and StreetEasy shows eight closings. You’ll get there, buddy!