Real Estate Client Prevails on Appeal
Carter Ledyard prevailed on an appeal for one of our real estate clients in a commercial real estate dispute. As part of the purchase price for sale of a property by our client to a developer, the developer agreed to either transfer two units in the renovated building to our client or pay our client an agreed upon amount of cash. Our client sued when the purchaser refused to transfer the units or pay the cash alternative. A lower court initially dismissed our client’s claims, finding that the execution of sales agreements for the two units was a condition precedent to the developer’s obligation to convey the units or pay the cash alternative. The appellate court unanimously reversed and held that the developer had to pay the cash alternative whether or not the sales agreements for the units were executed. Rather than sending the case back to the lower court, the New York State Appellate Division, First Department granted summary judgment in our client’s favor for the full amount claimed. CL&M’s client was represented by litigation partner Jeffrey S. Boxer, real estate partner Macculloch M. Irving and litigation counsel Theodore Allegaert.
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