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A.G. James Announces Settlement with Long Island Developer for Entering into Contracts at Prices Above Those Disclosed in Offering Plan

LongIsland.com

Developer Must Forfeit $60,000 and Pay a $15,000 Penalty For Violating the Martin Act.

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Photo by: succo

Attorney General Letitia James announced a settlement with Bayport Meadow Estates, LLC and Demetrius A. Tsunis requiring them to lower sales prices on 4 units a total of $60,000 and imposing a $15,000 penalty for violating the Martin Act by entering into sales contracts at prices above those disclosed in the offering plan. The developer and Mr. Tsunis have also agreed to implement appropriate policies and procedures to ensure that no other units in this condominium or units in any of their other projects are offered at inflated prices. 
 
“New Yorkers have a right to know the maximum price a developer can ask for a condominium so they can make an informed decision about one of the potentially largest purchases in their lives,” said Attorney General Letitia James. 
 
Under New York law, a condominium’s offering plan must, among other things, identify the maximum price a developer can ask for a condominium unit.  Disclosing such information is crucial for purchasers, as it allows purchasers to know the maximum legal asking price for a condominium unit and prevents price gouging.  Here, however, the developer entered into several contract in excess of these maximum prices.  
 
In the settlement, Bayport Meadows Estates and Mr. Tsunis admitted that they violated New York law by marketing and entering into sales contracts at sales prices higher than the maximum legal price for condominium units located in the Bayport Meadow Estates project. 
 
Under the terms of the settlement, Bayport Meadow Estates and Mr. Tsunis have amended the sales contracts to reduce the sales prices to the maximum legal prices and will pay a penalty of $15,000. 
 
The case was handled by Chief of Enforcement Louis Solomon in the Real Estate Finance Bureau. The Real Estate Finance Bureau is supervised by Chief Deputy Attorney General Meghan Faux.