Sunday, August 9, 2009

Carlyle Group & Extell Development Company Offer Contract with Wrong Date

Developers of The Rushmore, a new apartment tower on Riverside Drive, failed to get the correct date in the contract with apartment buyers. The New York Post reported:

The 732 page offering plan stated buyers could get their money back if the building wasn't ready by Sept. 1, 2008, instead of Sept. 1, 2009, as Extell and Carlyle say they intended.

At least 25 people so far have filed applications with the Attorney General's office to get back more than $10.3 million in down payments on purchases totaling $71 million. Four more people are considering filing for a refund.

The article has Extell and Carlyle pointing fingers at the law firm that drew up the contract. Does anyone proof read anymore? The Carlyle Group has a history with litigation and it isn't pretty. They'll save their corporate backside first.