The Real Deal took a look at 20 NYC buildings that have seen the highest percentage of contract disputes since the start of the downturn. Two are in Harlem falling in at number 5 and 8 respectively. While we have not been to look at 5th on the Park, the monstrosity that sits on the site of a former church in the Mount Morris Historical district, we did take a look at Graceline Court this summer. The layouts and views at Graceline were some of the best in Harlem. We’ll be posting a separate piece on Graceline after the holidays.
5. Graceline Court at 106 West 116th St. in Harlem: Lowen Development
Disputes on at least 6 of 32 units (19 percent) have been filed with the AG’s office. Lowen declined to comment.
8. 5th on the Park at 1485 Fifth Ave. in Harlem: Uptown Partners
Contracts on at least 14 out of 160 condo units (9 percent) and two parking spaces are in dispute. Cases involving eight of those units and the two parking spaces, which are worth a combined $7.6 million, are filed in state and federal court. Six disputes are filed with the AG’s office. Attorney Lawrence Weiner said the ILSA cases involving seven units in this building could be among the first to be decided in New York. A trial is set for Jan. 26. Developer Lew Futterman said many buyers simply can’t come up with large enough down payments. Uptown Partners has tried offering a rebate toward the down payment and now has a second mortgage program to help bridge the gap. Still, in addition to the 14 contract disputes, Futterman said, “30 to 40 people are sitting on the fence — not saying ‘No, we’re not going to close,’ but just sort of quasi ignoring us.”
Read: The Real Deal