Category Archives: New York Law

THE THREE MUSKETEERS: READY, WILLING AND ABLE

Actions for specific performance of contracts for the purchase and sale of real property abound.  The plaintiffs allege that they are ready, willing and able to perform.  And the defendants either refuse to close or assert that their performance is excused by the failure of a condition precedent.  Several recent examples follow.

Chun Peter Dong v. First Korean Church of N.Y., 2017 NY Slip Op 05063 (App. Div. 2nd Dept. June 21, 2017)

Supreme Court granted defendant’s motion for summary judgment dismissing the complaint for specific performance of a contract to sell real property and declared that the contract was not binding and enforceable.

The Appellate Division summarized the facts:

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Yellowstone Update

Graubard Mollen Horowitz Pomeranz & Shapiro v. 600 Third Ave. Associates, 93 N.Y.2d 508, 693 N.Y.S.2d 91, 715 N.E.2d 117 (1999)  (“The party requesting a Yellowstone injunction must demonstrate that: ‘(1) it holds a commercial lease; (2) it received from the landlord either a notice of default, a notice to cure, or a threat of termination of the lease; (3) it requested injunctive relief prior to the termination of the lease; and (4) it is prepared and maintains the ability to cure the alleged default by any means short of vacating the premises[.]’”)

Prince Fashions, Inc. v. 60G 542 Broadway Owner, LLC, 2017 NY Slip Op 02918 (App. Div. 1st Dept. April 18, 2017)

The Appellate Division addressed an Order of Supreme Court that denied plaintiff’s motion for a Yellowstone injunction stating that:

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Court of Appeals #13

We recently published a new update on decisions from the Court of Appeals.