On March 24, 1983, petitioner entered into a written agreement with VMS Realty, Inc. concerning the sale of three five-story office buildings in Nassau County for a purchase price of $33,500,000. VMS Realty put a "good-faith" deposit or $50,000 into escrow pursuant to the terms of the agreement. The agreement stated that the parties intended to negotiate a contract by March 31, 1983 for the sale of certain property and that if such contract...
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