Well done, Christine Haughney & the NY Times. Check out her article today about ILSA wins in NY, Using ’60’s Law to Get Out of Condo Deals. And if you really must know more, see my last post (9/23/10) explaining how one of the court decisions she discussed, assuming it’s upheld on appeal, will increase the cost of developing new construction high-rise condos in NY over 100 units – if and when anyone starts building them again.
But wait there’s more. Today’s article also mentions Judge Crotty’s decision concerning the 20 Pine St. condo. And there he ruled that even if purchasers missed the two-year deadline under ILSA to demand a refund, they still could sue to get it back under ILSA’s three-year statute of limitations. Well done by the plaintiffs’ lawyer there, Lawrence Weiner.
I’ve been in this business in NY since 1985 and I know that everyone here ignored ILSA.
But not any more.