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Fighting buyer mutiny

From The Real Deal

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Editor's note: This article is reposted with permission by The Real Deal. Click here to view the original article.By SARAH RYLEY NEW YORK CITY -- While most developers are feeling the pain of the downturn, some are feeling it more than others. This month, The Real Deal looked at the new condo buildings that have seen the most buyers trying to renege on their contracts since the real estate market took a nosedive last year. The analysis found buyers asking for their deposits back on nearly 400 units within 20 buildings. In one case, more than 50 percent of the buyers in a building, the 505 in Hell's Kitchen, filed lawsuits in federal court asking for their deposit back. The Real Deal obtained a list of escrow disputes from state Attorney General Andrew Cuomo's office via a Freedom of Information Law request, searched published archives and court databases for lawsuits against developers, and consulted with attorneys who are working on these cases. While there is ...