Commercial Division Blog
Action for Specific Performance of Real Estate Sales Contract Dismissed; Purchaser Was Not Ready, Willing and Able to Purchase on Closing Date
On August 22, 2018, the Second Department issued a decision in 130 Third St. Loft, LLC v. HKF, Inc., 2018 NY Slip Op. 05810, holding that an action for specific performance of a real estate contract should have been dismissed because the purchaser was not ready, willing and able to purchase on the closing date, explaining:
On the defendant's motion, it had the burden of demonstrating its prima facie entitlement to judgment as a matter of law by showing that the plaintiff was not ready, willing, and able to close on the law date. Moreover, the defendant was required to demonstrate, prima facie, that the plaintiff was in default. The defendant established its prima facie entitlement to judgment as a matter of law by submitting evidence that the plaintiff, regardless of whether the operative law date was January 20, 2014, or January 21, 2014, could not take legal title to real property because it had not been formed as a corporate entity. The defendant also established, prima facie, that the plaintiff was in default by demonstrating that the plaintiff did not appear at the closing on either date.
(Internal citations omitted).
We frequently litigate disputes over the purchase and sale of commercial property. Contact Schlam Stone & Dolan partner John Lundin at email@example.com if you are involved in a dispute regarding a commercial real estate transaction.