(Source: New York Times)

When his new five-bedroom penthouse at 170 East End Avenue, the 19-story glass and stone condominium overlooking Carl Schurz Park, was ready after a wait of two years, Arvind Sanger, a hedge fund manager, refused to close.

By that time, the economy was in turmoil and the market had turned. Mr. Sanger sued the developer, Orin Wilf, demanding his $250,000 deposit back, and complaining of a series of violations of a federal statute, the Interstate Land Sales Full Disclosure Act, intended to protect consumers who buy in large developments, The New York Times’s Josh Barbanel writes.

Read Josh Barbanel’s full article “A Weapon Called Fine Print” in the New York Times (October 23, 2009).

Developments featured in this article

More Like This

Facebook Chatter