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New Condo's, Yet not So Appealing PDF Print E-mail

When  buyers put down payments on apartments  they are looking forward to living with features that have been promised. Although as the construction completion date nears, they are still living in a construction site with an unfinished lobby, uncarpeted hallways and no access to the garden that was supposed to help them escape from the city’s stresses. People are spending a lot of money and have high expectations.

Anger toward developers is coming to a head as a record number of units are nearing completion. Manhattan  will have 6,444 new condominiums completed this year, compared with 1,614 in 2005. Developers have to deliver only what they outline in the offering plan — the book that buyers receive after putting down a deposit, allowing them to review all of a building’s fixtures and features. He said that beyond this, developers are not obliged to deliver on any promise. This means that buyers who are preparing to move into these condos are finding they have little power to get their units finished when they expect them or in the shape they anticipated.

 

Last Updated ( Sunday, 26 August 2007 )
 
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