Crain's New YorkBusiness


According to Crain's, at least 41 buyers filed complaintswith Cuomo's office because Extell missed the September 2008deadline to start apartment closings. Richard Cohen, an attorneyrepresenting 33 of the buyers, told Crain's that Extell willowe his clients about $13.5 million in down payments and will loseapproximately $95 million in apartment sales. Pricing at theRushmore, located at 80 Riverside Blvd., begins at $1.5 million fora one-bedroom condominium unit, according to Extell's website.


Gary Barnett, president of Extell, told Crain's he hasn'tdecided whether to appeal Cumo's ruling. "We are very confident wewill be able to resell the units," he said.


Extell is at least the third owner or developer to come underfire from Cuomo this year. In late March, the attorney generalannounced he had reached an agreement barring 250 East Borrower,LLC and its principals from future condo sales at the AlexanderCondominium, 250 E. 49th St. And in February, Cuomo announced asettlement with landlord Vantage Properties over alleged harassmentof tenants.


To read the complete Crain's article, click here.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.