A $105 Million Typo at New Upper West Side Building
by Avi - April 10, 2010 at 11:10 am -
A glittering new building overlooking the Hudson River was dealt a huge setback when Attorney General Andrew Cuomo ruled that the owners (Extell Development Company) hadn’t closed the apartment deals on time, Crain’s reported.
Owners of 41 of the condos at The Rushmore at 80 Riverside Boulevard (64th Street) may have a very big payday coming, at Extell’s expense.
The decision hinged on a detail (we first wrote about it here) in the condo offering plan that the owners now say was a typo — the plan said the sales must close by September 2008, but the owners argue they had meant to say September 2009. Now Cuomo says the 41 buyers should be released from their contracts, and it could cost Extell $13.5 million in down payments, and $95 million worth of apartment sales, according to a lawyer who spoke to Crain’s.
Extell could appeal, but president Gary Barnett hasn’t decided whether he will yet. And he says he isn’t worried about turning the apartments over if it comes to that.
“We are very confident we will be able to resell the units,” he told Crain’s.