According to Crain's, at least 41 buyers filed complaints with Cuomo's office because Extell missed the September 2008 deadline to start apartment closings. Richard Cohen, an attorney representing 33 of the buyers, told Crain's that Extell will owe his clients about $13.5 million in down payments and will lose approximately $95 million in apartment sales. Pricing at the Rushmore, located at 80 Riverside Blvd., begins at $1.5 million for a one-bedroom condominium unit, according to Extell's website.
Gary Barnett, president of Extell, told Crain's he hasn't decided whether to appeal Cumo's ruling. "We are very confident we will be able to resell the units," he said.
Extell is at least the third owner or developer to come under fire from Cuomo this year. In late March, the attorney general announced he had reached an agreement barring 250 East Borrower, LLC and its principals from future condo sales at the Alexander Condominium, 250 E. 49th St. And in February, Cuomo announced a settlement with landlord Vantage Properties over alleged harassment of tenants.
To read the complete Crain's article, click here.
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