By Howard Koh on Posted in ContractsGural v. Drasner, Appellate Division, First Department Index No. 103283/2008 The Appellate Division, First Department has limited the applicability of the part performance exception to the Statute of Frauds. As many real estate lawyers know, the Statute of Frauds, which requires certain contracts for conveyances of interest in real property to be in writing and… Continue Reading
By Howard Koh on Posted in ContractsPrincess Point L.L.C. v. AKRF Eng’g, P.C., New York County Supreme Court Index No. 601849/2008 In this Commercial Division case, Justice Charles Ramos ruled that a seller was not required to demonstrate that it was ready, willing, and able to perform a contract where the purchaser has anticipatorily repudiated the contract in order to retain… Continue Reading
By Howard Koh on Posted in ContractsPatmos Fifth Avenue Real Estate Inc. v. Mazel Building LLC, New York County Supreme Court Index No. 108421/2011. Real Property Law § 320 restricts a lender’s ability to accept a conveyance of a deed where the conveyance is intended to be a security in the nature of a mortgage. Defaulting borrowers, however, sometimes will deliver… Continue Reading
By Howard Koh on Posted in Contracts JFK International Air Cargocentre LLC v. The Port Authority of New York and New Jersey, New York County Supreme Court, Index No. 650345/2008 As most New York real estate lawyers know, the Statute of Frauds requires that leases for terms of longer than one year be written. General Obligations Law § 5-703(a)(1). But what kind… Continue Reading
By Howard Koh on Posted in ContractsPiller v. Marsam Realty 13th Avenue, LLC, Kings County Supreme Court Index No. 500141/2013 Kings County Commercial Division Justice Carolyn Demarest recently wrestled with a question that continues to confront New York real estate lawyers frequently, namely: when is a Letter of Intent a binding contract? In this case Justice Demarest held that the parties… Continue Reading
