Only in New York: NYC Real Estate Developer Offers “Obama Contingency”

by jill ~ October 24, 2008

Our clients at Ekstein Development today announced they will be offering an “Obama Contingency Clause” for any real estate deals made at the luxury condos +aRt (540 West 28th Street) between now and Election Day.  The premise is that if McCain wins, buyers can walk away - no questions asked.  Purportedly, they can all move to Canada!  Full release is below:

FOR IMMEDIATE RELEASE:

NYC REAL ESTATE DEVELOPER OFFERS
“OBAMA CONTINGENCY” ON REAL ESTATE DEALS

Buyers Who Sign before Election Day Can Back Out of Deals
if Obama Does Not Win Election on November 4

New York, NY - October 24, 2008 - New York real estate development company Ekstein Development today announced that they are instating an “Obama Contingency Clause” that will be in effect between now and Election Day for all real estate contracts signed at +aRt (540 West 28th Street), a luxury condo development in Manhattan.

According to Erik Ekstein, president of Ekstein Development, several potential buyers have indicated that they would buy property only if Barack Obama were elected as President of the United States. Ekstein believes that an Obama administration will help to restore confidence in the American financial markets and help to repair the reeling mortgage and real estate industries in New York and across the United States.

“In response to these concerns we are instating an “Obama Contingency Clause” for any deals made between now and November 4,” said Ekstein. “This means that if any buyer signs a contract to purchase at +aRt and McCain wins the election, they can back out of the deal with no questions asked.”

Ekstein is the lead developer for +aRt, a new premium condominium development located in New York’s West Chelsea neighborhood. Sales at the building launched officially this week and several contracts are already in the works. The new development offers 88 luxury condos which range in price from $520,000 - $4,160,000.

+aRt is being developed by Ekstein Development, L&M Development Partners and RD Management and will be exclusively marketed and sold by Halstead Property Development Marketing. The project is currently under construction with occupancy expected in 2010. For a full list of available units and floor plans, please visit: http://www.halsteadpdm.com/detail/?id=68222&lprice=0&hprice=0

For more information, please contact Jill Feldman at jill@mediashoppr.com or 212-867-8778 x228.

About Ekstein Development:
Ekstein Development is a New York based development firm committed to quality and design in construction for real estate. In addition to real estate development, the firm works in the areas of recreation, storage, financial services and more. For more information, please visit: http://ekstein-development.com/

About Halstead Development Marketing:
A division of Halstead Property, Halstead’s Development Marketing Division is the exclusive sales and marketing firm for more than 65 new developments representing over 3,500 units in the tri-state area. The Halstead Development Marketing Division consults with developers on every aspect of the development process, including: pre-development planning such as comprehensive market research, detailed unit mix and layout analysis and amenities planning, all of which enables their clients to maximize sales prices, increase absorption rates and provide an overall superior product benefiting the consumer and developer. In addition, the division directs and coordinates the selection of all on-site personnel, conducts extensive sales training and monitoring, designs exceptional sales environments, and creates integrated communications planning including marketing, advertising, public relations and branding. For more information on the Halstead Development Marketing Division, please visit: http://www.halsteadpdm.com

As the first firm in New York to bring real estate sales out of office buildings and into retail storefronts, Halstead is one of the largest residential real estate brokerage firms in the metropolitan area. For more information on Halstead, please visit: http://www.halstead.com.

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