Federal Courts Rule Against Buyers Seeking to Back Out of Contracts for Condo Purchases

March 22, 2010 - PRLog -- LONG ISLAND CITY, NY  -- In a legal decision with major implications for the New York City residential real estate industry, two federal judges recently rejected claims by purchasers seeking to get out of condominium purchase contracts based upon the Interstate Land Sales Full Disclosure Act (ILSA).

The rulings are a victory for numerous condominium projects including One Hunters Point and Hunters View condominium developments in Long Island City where some buyers refused to close and relied upon ILSA as the basis for demanding return of their down payments.

Although largely unused, the law came into play as the housing market began to collapse and buyers who bought pre-construction condos sought to get out of their deals and recover their down payments.

“We are very pleased by the court rulings and look forward to completing our highly successful sales program at the Hunters View and Hunters Point condominiums,” said Joseph Simone, President of Simone Development Companies, the developer of the Hunters Point Condominiums. “

One Hunters Point, which is located on Borden Avenue near Vernon Boulevard,   features 131 one-, two- and three-bedroom luxury residences, with most offering spectacular waterfront views of the Manhattan skyline. Hunters View, which is located three blocks away on 49th Avenue, features 73 one- and two-bedroom residences and the same high quality finishes and lifestyle amenities as One Hunters Point, as well as panoramic views of the Manhattan skyline.  

One Hunters Point and Hunters View are 75% sold and owner occupied. Construction is 100% complete including the common areas. Only the best homes remain with Manhattan skyline and river views and homes with expansive outdoor spaces including private gardens.  

In addition, the 421a tax abatements are in effect and both buildings have FHA approval which allows buyers to put down only 3.5% down payments. The homes are priced from $500,000 to $1,300,000. Immediate occupancy is available.

Hunters Point Condominiums are convenient located just a short walk to the subway that takes five minutes to reach Grand Central Station and seven minutes to Times Square. In addition, the Midtown Tunnel and the LIRR are a block away and the New York Water Taxi is just steps away at the corner of Borden Avenue and Second Street.

Buyers at Hunter Point Condominiums are also attracted by the wealth of first-class lifestyle amenities such as 24/7 concierge service, valet, fitness center, residents’ lounge and communal gardens. As a unique option in both buildings, residents can have their own private roof-top terrace, an outdoor space about the size of a living room equipped with gas grill and water connections where they can relax and enjoy the waterfront and Manhattan skyline views.  

Hunters Point Condominiums are located in the Hunters Point District of Long Island City which has emerged as one of the city’s trendiest new neighborhoods and is considered by many to be the next So-Ho or Tribeca. The area offers a wide array of retail options on Vernon Boulevard and a thriving artist community anchored by the world-renowned P.S. 1 Contemporary Art Center. An affiliate of The Museum of Modern Art, P.S. 1 is the oldest and second largest non-profit arts center in the nation solely devoted to contemporary art. Also nearby are the Noguchi Museum and the Socrates Sculpture Park, as well as a number of other galleries and museums. This long-established neighborhood also includes a farmers’ market, several small charming restaurants, parks, schools and child-care facilities.

For more information about One Hunters Point and Hunters View, call Brown Harris Stevens Project Marketing at (718) 361-7800 or visit the website at www.hunterspointcondos.com