Condo Sales, With a Catch – New York Times
Imagine signing a contract to buy your very first apartment, a studio high above Herald Square in the heart of Manhattan, but at 25 percent below the usual market price. It was a dream that came true a few weeks ago for Daniel A. Montaña, a 27-year-old Web administrator for PricewaterhouseCoopers.
But Mr. Montaña’s dream came with a catch: he may never get to actually buy that apartment. The project is caught up in a legal struggle between the owners of the building and the sponsor firm they contracted with to convert it to condos, and some previous buyers have already backed out of their market-rate deals.