On July 14, 1978, defendant 425 West End Avenue Co. (425) entered into an agreement with Calhoun School (Calhoun) whereby it agreed to convey to Calhoun the land and premises located at 303 W. 80th Street, New York City, for the sum of $250,000. Of that sum $22,500 was paid by Calhoun as a deposit; $35,833 was to be paid at closing, and the balance was to be paid by a purchase-money mortgage delivered to 425 and payable 18 months after closing. At the time of the entry into...
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