551 WEST CHELSEA PARTNERS LLC v. 556 HOLDING LLC


40 A.D.3d 546 (2007)

838 N.Y.S.2d 24

551 WEST CHELSEA PARTNERS LLC, Appellant, v. 556 HOLDING LLC, Respondent.

Appellate Division of the Supreme Court of the State of New York, First Department.

Decided May 31, 2007.


The parties entered into an agreement for the sale of, among other things, certain unused development rights for and easements to defendant's property situated at 556 West 22nd Street in Manhattan. The agreement required plaintiff to pay an initial deposit on the day the agreement was executed and an additional deposit by a specified subsequent date. These deposits, both of which were paid, were not placed into escrow. Rather, pursuant to the agreement, the funds were released...

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