Buying a home is the largest financial undertaking in most people’s lives. Nowhere is this more true than in NYC. Indeed, the average NYC apartment costs $X. I am not even going to get into buying a brownstone which is out of reach for most people. Owning a NYC apartment is a significant financial achievement that most people simply cannot do.
Ironically, there exists little regulation around buying new construction in NYC. It is strictly buyer beware. People can purchase from a major developer or a mom and pop shop. Most purchasers are taking a leap of faith that they are buying a well constructed apartment. Buyers have little information on the developer or her track record. Unfortunately, there are many new construction lawsuits in NYC. Sadly, the courts are really the only recourse a buyer has for shoddy construction.
The aim of this website is to be a clearinghouse of new construction lawsuits so that buyers can know which developers are being sued. By creating a “reputational risk”, this site should create a mechanism of weeding out the bad actors. Hopefully, the knowledge of publicity will pressure developers to be more diligent in constructing their buildings and to come to the table as well when they do not.
