NYC – The Rushmore, surrounded by parks and with extensive river views, sold well in 2006 when it went on the market, and 60 percent of the apartments are now in contract. But as the economy soured and the real estate market slid, sponsors were forced to allow new buyers discounts.Buyers at the Rushmore and at other new condominiums began struggling to get out of their contracts and to repocket their deposits — at the Rushmore, 15 percent of the purchase price. Lawyers pored over the offering plan and pondered obscure state and federal laws looking for ways to invalidate the contracts… An error of a single digit in an arcane document — the densely worded 732-page offering plan — was found.
By Josh Barbanel, July 27, 2009 NYT

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