The motion court's finding that the new owners were bona fide purchasers of their units is supported by the evidence and should stand. The financing offered by the sponsor to the new owners was similar to the financing the sponsor had offered purchasers at the time of the conversion. The new owners' purchases appear to have been prudent investments in that their carrying costs were less than the rents they would be receiving from the tenants in possession.
A condominium...
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