Plaintiffs and corporate defendant Kessef Tov Corp. entered into a contract on February 27, 1981 for the sale of real property located at 520-522 West 50th Street in Manhattan. Plaintiffs made a down payment of $20,000 directly to the defendant corporation toward a purchase price in excess of $340,000. Defendant Aronow, an attorney, the president and sole shareholder of the corporate defendant, personally guaranteed repayment of the earnest money under the contract.
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