Purchasing a Condo in a New Development?

For those about to or in the near future planning on buying into a new condo development on Roosevelt Island or elsewhere, this article from the NY Times provides some helpful warnings on what to look out for so not to be disappointed.

WHEN dozens of buyers put down payments on apartments in the glassy new condominium tower called the Link at 310 West 52nd Street, they were looking forward to living with features like floor-to-ceiling windows and a meditation garden. But six months after they started moving in, 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.
The Link is one of many new condos in New York City whose owners complain that developers have been slow to deliver what they promised. “People are spending a lot of money and have high expectations,” said Robert Braverman, a real estate lawyer hired by buyers at the Link.
...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. “The sponsor can say, ‘We’re building the Taj Mahal.’ ”

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.

Here are some tips on how to avoid problems with new construction:

...identify all of the problems with the apartment or building by the final walk-through, and then get the developer to agree in writing to make the repairs.

He cautions buyers to be realistic and to expect that some things won’t be fixed until after the closing. These problems should typically be fixed within what lawyers call a “reasonable” time frame, say, 30 days. If developers don’t address the problems within that period, Mr. Braverman advises buyers to write one or two letters asking that they be fixed. He said buyers should consider legal action only after they have sent letters and have tried to work with the developer.

Also:

Buyers who have problems with construction defects in their apartments like warped floors or cabinets that fall apart have three years to sue, Mr. Braverman said.

Owners who discover buildingwide problems can sue, or they can file a complaint with the New York State attorney general’s office. But he warns clients that the attorney general has limited resources to respond to complaints and that lawsuits are costly.

Let's hope none of these problems become relevant to the new Roosevelt Island condo developments but be aware and prepared.