Niagara County Condominium Settlement

Attorney General Spitzer today announced that the sponsors of the Wildwood Condominiums in the town of Niagara have reached an agreement that will resolve claims by unit owners who alleged faulty conditions at the condominium complex.

In accordance with the settlement agreement with the Attorney General, the sponsors of Wildwood Acres Condominiums I, II and III and the Estates at Wildwood Acres Condominiums A and B have paid $650,000 to help defray the cost of repairing physical defects at the premises, including leaking roofs, old windows and poor roads.

The condominium sponsors are New York Wildwood Acres L.P. and Niagara II L.P., both Massachusetts limited partnerships. The settlement resolves complaints submitted to the Attorney General’s office about problems at the 285-unit complex, which is located near the Niagara Falls Air Force base. Phases I, II and III consist of townhouse style homes, while Phases A and B are made up of ranch homes with single and double units.

"Real estate developers must comply with the laws of New York regarding their developments and not breach their responsibilities to New Yorkers, " Spitzer said. "Given the enormous significance of the decision whether to buy a condominium, consumers are entitled to receive complete and accurate information about the condition of their contemplated purchase."

As a result of the settlement, the sponsors can now go forward and complete sales at the complex.

New York’s real estate securities laws govern condominium plan sales offers and require full disclosure of all terms. This disclosure extends to the condition of the premises, including any physical defects.

The matter was handled by First Deputy Bureau Chief Gary R. Connor of the Attorney General’s Investment Protection Bureau.