State v. Seaview Island Associates

The opinion of the court was delivered by

BRODY, J.A.D.

This proceeding was brought by and in the Department of Community Affairs (Department) pursuant to the Planned Real Estate Development Full Disclosure Act (Act). N.J.S.A. 45:22A-21 to -42. In his final decision the Commissioner found that appellant, the developer of a 198-unit townhouse project, had failed to disclose to its buyers the true amount of real estate taxes levied on the common areas. Appellant had estimated in its public offering statement that the annual tax on common areas would be *77only $1,400. It failed to correct that…