We recently published a new edition of New York Court of Appeals Decisions Updates. Click here to read them online.
Specific performance is a remedy in which a Court requires a party to perform a particular act, more often than not what is set in a contract. Thus, specific performance is usually sought to complete a previously-established transaction (e.g. to convey title). Given the volatility of the real estate market, our Court system regularly and routinely adjudicates specific performance claims. Four recent examples follow:
929 Flushing LLC v. 33 Dev. Inc., 2016 NY Slip Op 26055 (Sup. Ct. K. Co. March 1, 2016) [Demarest, J.]
Supreme Court summarized the action:
The instant action arises out of the execution of a short form agreement titled “Binder of Sale” (the “Binder”) pertaining to real property located at 929 Flushing Avenue, Brooklyn, New York 11206 (the “Premises”). Though the parties never fully executed a formal agreement, Plaintiff contends that the Binder, executed by Joel Jacob as purchaser and Anita Wong “as managing agent,” without further identifying the seller, created a legally enforceable contract that requires Defendant to sell the Premises to Plaintiff. Continue reading