Walking away from deposit

2% cap rate is not horrible for Manhattan condos. What would be your cash on cash yield with the financing? Most new construction condos that I've looked at are a negative pretax cash on cash yield.

It may be possible to play hardball and demand a reduction in the purchase price or other concessions to keep you in the deal and avoid a lawsuit to recover your 10%.

No financing contingency? When you say 75% LTV, do you mean 75% of what you agreed to pay? I would be surprised to see a 2% cap rate.

Are people really expecting to put down only 10% for a new development 1BR even if it is not mid-end rather than ultra-luxury (not to be confused with deposit at the time of the contract which is typically 10%)?

I think it's a simple decision if you remove emotion. Would you buy the unit today at 90% of the contract price? Your deposit is a sunk cost. We walked away from contract deposits in the past (NB I'm not telling you that your attorney shouldn't be trying any tricks they can to get you at least a partial refund).

is it in Manhattan?