NEW YORK CITY-Carlyle Realty Partners and Extell Development Co., developers of the 271-unit Rushmore condominium, are not willing to return the security deposits worth $16 million to the 41 buyers even after an unfavorable court ruling.
The developers had initially agreed to a contract which said that buyers would get their refunds if the developers could not complete even one sale by September 1, 2008. However, the first deal was closed only in February 2009. The buyers' attorney said that he would continue the legal battle against the developers. For the full story, go to Wall Street Journal.
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