- Warehouse 11 Relaunches Sales as Buyers Granted Right of Rescission [✜]
The soap opera at the former Roebling Oil Field Building continues. Closings were put on hold a week or so ago, pending a review of the offering plan by the State Attorney General. The AG was concerned that the offering plan for the recent fire sale didn't divulge the developer's numerous foreclosure suits and bankruptcy filings to potential buyers (though 30 seconds on Google would lead even the least curious buyer to scads of disclosure on Curbed and elsewhere). To compensate for the lack of disclosure, buyers will now be able to back out of their contracts without penalty.
There's also an interesting side note about a mezzanine lender at Warehouse 11 threatening to seize the Rose Plaza site, which is owned by the same developer.