New York Supreme Court Cites Donerail in High Profile Real Estate Contract Dispute Involving Deposit
April 28, 2015 - In a New York Law Journal front page story regarding a multi-million dollar dispute over a deposit for a $27.5 million Fifth Avenue penthouse, the New York Supreme Court, Appellate Division, First Department overturned a lower court's grant of summary judgment basing its decision on Donerail Corp. N.V. v. 405 Park LLC, 100 AD3d 131, 138 (1st Dept 2012), a case where Morrison Cohen was special counsel to Donerail.
In Pastor v. DeGaetano, the court overturned the lower court's decision by basing its determination on the Donerail case, drawing the bright line enunciated in Donerail that a party to a real estate contract seeking a contract deposit must affirmatively demonstrate that it was ready, willing and able to perform its obligations under the contract of sale.
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