2nd Circ. Must Close Condo Deal Escape Hatch: Developer

Law360, New York (November 2, 2011, 5:32 PM EDT) -- A district court decision that let a cash-conscious couple use a 1960s-era law to escape a $3.4 million condominium purchase deal threatens to upend the condo construction industry, the property's developers told the Second Circuit on Wednesday.

There is “no question” that the condo construction business model will collapse if the Second Circuit upholds a district court's status quo-busting reading of a federal property disclosure law, said Mark Walfish of Katsky Korins LLP, an attorney for the developers of the 193-unit Brompton building in New York....
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