Buyers can’t rescind disputed purchase contracts

Law of the Land

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In 2007, Borden East River Realty LLC sponsored the Hunters Point Condominium Development in Long Island City, N.Y.Borden East filed a New York State Offering Plan with the New York State Attorney for the 132 residential condos, 26 roof terrace units, and 25 parking space units comprising the development, then began selling the unfinished units. Hunters Point was promoted under a common promotional plan with a neighboring development, Hunters View, that was sponsored by a different developer. Later in 2007, eight prospective buyers entered into contracts to purchase residential condo units at Hunters Point, and each placed a 10 percent earnest money deposit on the respective units, prior to which each was given a copy of the offering plan, according to court records in Romero V. Borden East River Realty LLC. Between January and April 2009, the prospective buyers all notified Borden East of their intention to cancel their purchase contracts and demanded the return of thei...