Grill & Schieber Obtain Victory for Major DeveloperApril 4, 2017 |
David M. Grill and Evan Schieber obtained a significant and complete victory for a major developer in a high profile dispute over a mixed use building located in NOHO New York. The developer sold the building to the defendant and, as part of the deal, retained a lifetime interest to the entire third floor of building. Years after the sale, the defendant repudiated the agreement and began marketing the building for sale.
In awarding summary judgment to our clients, the Supreme Court declared that the developer had a valid and enforceable life estate interest to the third floor of the building and ordered that the defendant execute a memorandum, in recordable form, acknowledging the developer’s life estate interest. The Court notably enjoined the defendant from taking any action that could negatively impact the developer’s rights and continued the case solely to determine the damages suffered by the developer.