Minimum Release Guidelines

All of the above.
It's going to be a tactic regardless, but it's possibly the truth as well.

Don't you think a lender has a say in how their money is used and the chance of them getting it back?

Kangster,if I asked you to lend me 10 million dollars, for a project of 30 equal size units where I already spent 20 million dollars on it and sold 15 units at 900K each. Would you be out of line to require I sold the rest at a minimum 1.1 million?

In any case, if your up for some reading, go to acris and read the contracts (no small task) on the mortgage documents for the building. Thety should be all recorded.

go back and state "my wife has set a minimum buying guideline" .....

and finally, state "Mr. Valentine has set the market..."

Walk away. It's a buyer's market, and 2010. IF they are not willing to negotiate, they are committing financial suicide. What development is it?

the best way to find out if they are telling the truth is to walk away

nycrealist, the developer is toll brothers which is surprising....hahahaha!, thanks w67thstreet for my response of "minimum buying guidelines"

Well, some of the Toll Brothers projects have some issues. They took an absolute beating on Northside Piers tower 1. I'd stay tough with them. Their developments aren't really...known as cream of the crop.

Yeah but the fact that it's Toll Bros means "minimum release guideline" is more about "guideline" than "minimum."

Let me guess....303 E33rd?
If so it's not gonna sell out any time soon. Unless tunnel access is big for someone, there is nothing special about this building or location.

This is actually true. The bank sets a minimum that the sponsor can sell the condo for. But it may not be true that the figure you are getting is the best figure that the bank will allow.