Archive for October, 2010

Southern District of New York Issues Favorable Ruling for Condo Buyers Looking to Get Their Deposits Returned

Wednesday, October 6th, 2010

A federal judge recently ordered the developer of a New York City condominium to return a $510,000 deposit plus interest to a European shipping executive and his wife.  This opinion greatly expands the rights of condo buyers in New York. 

The buyers, Vasilis Bacolitsas and his wife, Sofia Nikolaidou, signed a contract in May 2008 for a $3.4 million three-bedroom unit and later decided to back out, making use of a 1968 federal law called the Interstate Land Sales Full Disclosure Act.

The ruling in this case could allow hundreds of New York City condo buyers to get deposits back, something many potential purchasers would like to do given the decline in apartment values caused by the economic downturn.

If you could would like to hear more about this case or how we can help you in such a dispute, please contact Ignatius Grande at + 1 212.766.2469.

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