BUYERS BE aWARE

Bold move. This is either tortious-interference with business expectancy/contract or an honest "heads-up" to the marketplace, either way; poster should expect litigation. Good times. Makes me wonder: who is posting this? someone with a low-ball bid on the place perhaps?

Qwerty,
I think he has every right to post any wrong doing of the sponsor. "Poster should expect litigation"??!?! I'd say, the sponsor better be ready to fork out millions of dollars in legal fees brought by the buyers. One of my property also has leak problem (not as severe as his) and we are almost at the end of our litigation with the sponsor. After spending millions and years in legal battle, sponsor is looking to pay another millions in fixing/looking to settle.

Best thing to do is, admit that there is a leak and pay up and fix it before it amounts to bigger amount.

Wow qwerty chimed in, why am I not surprised.

I apologize for my ignorance, but is a seller in NYC legally obligated to disclose problems of this nature? I was under the impression that a seller in NYC is not legally bound to disclose anything, and that NYC is "buyer beware". This thread confirms why I feel it is of the upmost importance to have an apartment thoroughly inspected before purchasing.

http://findarticles.com/p/articles/mi_qa3735/is_200304/ai_n9183737

NY is a caveat emptor sate...all laws benefit the seller.
Let the buyer beware.
Real Estate is to NY what Oil is to Texas.

Very interesting article, joedavis. I have always wondered how/when in the process inspections take place. Every home I have ever sold, by law I had to inform the buyer of any problems with the property that I knew about. In NYC the inspection process is a little sketchy, to say the least. Can anyone shed light on how they have handled this in the past in either condos or co-ops. I would assume that co-op notes might speak of engineering issues in the building as a whole. Do condos provide the same input? What about new developments? Do they have any liability? If it is the buyer's responsibility to find this information out before buying, how does one go about this? Thanks for any advice you may be able to give.

Yes i second that i've used an inspector before purchasing a loft in a new conversion/development 2 years ago and the guy was "perfect, go ahead..." While it was OBVIOUS that the floor was warped because of water damage (The developer left the original OLD ROOF over my loft (the highest floor of the old building) and built 3 new floor on top of that...the edges of the roof were constantly LEAKING.
But the inspector never mentioned that. He focused only on the NEW BOILER and ELECTRICAL SYSTEM....
I'm sure that the inspector got a KICK BACK from the broker...

seven7,

It is scary to hear that you hired an "inspector" that essentially wasn't inspecting and simply another part of the "let's just push this deal through" machine that seems to exist in NYC RE.

It is downright criminal.

Thanks Memito, that whole experience ( The purchasing, and the ownership which ended in September) was an example of WHAT TO AVOID in Manhattan real estate.... A good lesson for me to learn, because i was looking for that..."space with character" that turned out as just being a "pig wearing lipstick"