Linden and Rushmore

what was the cut-off date for the first closed sale in The Rushmore.

check out the purchaser for 6S. I'm sure there are (and will be) others.

Isn't it more about the COO than the actual close of the first purschasers?

Bds, What has your lawyer told you about your ability to get out of the contract?

i think the contract should set forth some deadlines, but i think there might be some ag-level regulations as well. haven't seriously considered new development, but others here have and should be able to answer. i think a tco is sufficient, btw, but not sure.

There are loopholes in the contract, Riversider, but I also think that there might have been a TCO...I am not sure.

Bds, So what is your lawyer advising?

Riversider, with all due respect, I really don't want to share that aspect..however, I do value your comments on the threads.

Sounds like you are fishing. If it were easy to back out, buyers would not be walking from their deposit. The laws and contract are quite clear. Best of luck.

Riversider, i'm not so sure of that. The hubby was floating some fairly interesting and plausible grounds for recission by me the other day, but I think the courts will be the ones to determine that and the developers in question (or the llcs that they have formed, at least) will be bankrupt by the time they do. Although if the money is in escrow, as it should be, there may be some hope. For the future some interesting case law may (or may not) evolve.

Aboutready, you are absolutely right...the climate is changing daily, more like minute to minute.

AR: Is your husband a RE attorney? I am looking for a good one. I'm finding that most aren't capable of thinking beyond established legal precedent, and I'd like to consult with a more creative thinker. I'm assuming if married to you, well, you know...

thedeuce, the husband does contract law, but not real estate. I asked him and he said he has some thoughts about someone who might be interested in this on a more intellectual level. He also said he'd ask around (and, if you want my opinion, that would be some mighty fine asking).

send me an e-mail, give him a few days though. the other thought we had was whether anyone had contacted the attorneys representing PCV/ST? they're kicking some ass these days. i don't know if they have their hands full, but i must confess they've been doing a good job.

aboutreadyse. and @gmail.com.

be careful, also. timing may be key. NO LEGAL ADVICE BEING GIVEN HERE. important to remember that some wealthy (or slighly less wealthy) people may be trying to get out of contracts as well (not implying anything about your level, just that I'd doubt that someone buying a $15m apartment would be asking advice here). They can afford really good attorneys, and may get some really good results. you wouldn't want to lose the benefit of that. Of course, they're also more likely to get good settlements, but i'd guess somewhere there will be a crack in that soon.

AR: thanks a lot, just checking the thread now. will email you tonight once the kiddies are down.

NOT LEGAL ADVICE
The Linden did not have a TCO by the "outside date" (which is one year after scheduled completion). What the AG wants to see is a TCO and a bona fide (that is, a real, no strings attached, arm's length) closing before the outside date. I know nothing about the Rushmore's status - but I very much doubt that those circumstances apply to the Rushmore. That said, there may be other grounds to get out or negotiate - but Extell will fight fiercely, bc whatever they give to one purchaser, they are at risk of giving to many.

Sounds about right. Every lawyer worth his salt would've been all over it otherwise.

riversider, real estate attorneys are often not the best of the brightest. even if they are the best, they wouldn't have had any economic incentive to do this, THUS FAR. the law is not that forward thinking at the higher levels, they like their comfort. (plus, you have no f'n idea about the conflicts. the ethics laws are more strangulating than a boa constrictor. many banks for example hire tons of law firms, telling them that they might have significant work for them, and then giving them one or two shit cases and not giving them conflicts waivers when other work arises, in order to keep them frozen).

The sponsor's have too much money at stake not to engage good law firms when writing the contracts. They do not want the contracts voided. I presume past legal challenges are considered. Linden 78 gave back the deposits because they knew they were required to do so, I do not believe they had their arms twisted... INMHO..

riversider, we're not talking apples to apples here. yes the developers have had some of the best attorneys, but let's just say some people who don't want to close on $15m apartments manage to make it to the judge?

Riversider: the Linden did try to skirt the outside date as evidenced by an apartment for sale going into contract and closing on the last day before the outside date. Clearly a hail mary effort to avoid rescission rights.

As I understand it, the AG stepped in and forced their hand after it was brought to the AG attention. The sponsor's clearly did have their arms twisted.

A futile hail mary pass. I'm not saying desperate people don't try desperate things. Hell the whole financial mess has too many examples. That said I'm sure the A.G. did' take too long once presented with the facts.

aboutready, does the spouse bring home the NY Law Journal? After a long hiatus I've been reading it again lately. Some interesting RE stuff.

I don't think the AG took very long in the case of the Linden. I don't know if the AG was even involved at all. The first closing had to happen by end of March. Developer attempted a sham closing at the end March (without a TCO). Recission rights were offered mid-April.

i think the AG gave them a nudge. they tried the hail mary with the end of march closing and probably found out pretty quickly what the AG's view was. they ended up offering rescission within the 15 day period called for by the plan.

the spouse doesn't need to bring home the NY Law Journal. I read it, and other sources, myself. JuiceMan may be able to tell you why I won't offer more.

that sounded a tad bit defensive. sorry. the spouse forwards and discusses anything that he thinks might be of interest to me. I do the same for him.

ok