KMWB Secures Summary Judgement Victory Behalf of a Manhattan Building Seller in a Supreme Court Breach of Contract Action

KMWB is pleased to share that partner Nicholas Yokos, Esq., working with partner Robert Moore, Esq. and Senior Associate, Brian Campbell, Esq., recently prevailed on behalf of a Manhattan building owner-seller in a breach of contract action brought by the buyer.

The dispute arose from a multimillion-dollar contract for the sale of a mixed-use building located in Manhattan. The buyer had deposited several hundreds of thousands of dollars in escrow and agreed to a time-is-of-the-essence closing date. KMWB and seller were ready to close, but buyer failed to appear and then tried to create after-the-fact excuses.

KMWB promptly moved for summary judgment, arguing that the buyer’s failure to close constituted a material breach, entitling the seller to cancel the contract and retain the deposit. The Court agreed and ordered that seller was entitled to cancel the contract of sale and to retain the full contract deposit as liquidated damages. The Court rightfully held that when a buyer fails to close on its purchase pursuant to a time-is-of-the-essence closing, without pointing to a seller default, that buyer’s default is not excusable.

Read the full decision here.

If you have questions about buying and selling real estate and the enforcement of contracts of sale, please contact our team.

Media Contacts:

Valerie Shutack
Kucker Marino Winiarsky & Bittens, LLP
(212) 869-5030
vshutack@kuckermarino.com