Gramercy Green was on the verge of becoming an outpost of Ireland. Around eighty investors had paid their deposits on luxury condominiums, planning to snap up a holiday home in the city that never sleeps. Wouldn't you know it, but just when the new owners were ready to take possession, New York University barges in and the holiday home plan is up the flue.
The developer ran into a problem when the booming housing market took a tumble. The Irish had bought up 80 flats, but JD Carlisle had the rest of the 290 condos to unload and there were precious few takers.
Looking around for another buyer, the developer was approached by New York University. The school needed additional accommodation for their students, and what better place than the luxuriously kitted out Gramercy Green?
The Irish are getting their money back, along with a little extra to cover the difference in the exchange rate so that they don't take a bath on their investment. Even with such generous terms, the buyers are stunned. They had no idea that there was a back-out clause in the contract, and they're not at all happy to have their dream of New York City living crushed so coldly.
KMS, the Dublin agency that handled the sales, will be left to sort things out and handle the fall-out from some angry investors who are wealthy enough to afford a second home that's worth close to $1 million. That's going to be some kind of angry.