Some Buyers at LIC's Crescent Club Can Back Out

Crescent Club, the Karl Fischer-designed, Andres Escobar-decorated new condo building that aims to bring country club living to Long Island City (Golf and swimming! Sweating with Madonna's babydaddy!), might be wishing it had toned down the amenities a bit.

Word first surfaced on the StreetEasy forums in January that the developer had missed the promised delivery date of the 120+ condos, and according to the building's offering plan, buyers have the right to a 15-day window to rescind their contracts. That window now appears to be open.

A group of Crescent Club buyers gathered on the QueensWest message boards now says notice of the deposit refund period has been sent out, and some are pulling out of the building amid rumors of a switch to rentals, and out of fear of a worsening market. According to StreetEasy, 77 Crescent Club units are in contract. With closings now tentatively scheduled for March, we'll see how many pull the trigger. According to one QueensWester, "They claim that they have way above 50 percent still under contract."

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