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AmBASE CORP. v. 111 W. 57TH SPONSOR LLC

Index No. 652301/16. Appeal No. 13691. Case No. 2018-1166.

193 A.D.3d 627 (2021)

148 N.Y.S.3d 61

2021 NY Slip Op 02589

AmBase Corporation et al., Appellants, v. 111 West 57th Sponsor LLC et al., Respondents, and 111 West 57th Partners LLC, Respondent.

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

Decided April 29, 2021.

Attorney(s) appearing for the Case

Meister Seelig & Fein LLP, New York ( Eugene Meyers of counsel) and Cooper & Kirk, PLLC, Washington, DC ( Haley N. Proctor of the Bar of the District of Columbia, admitted pro hac vice, of counsel), for appellants.

Katsky Korins LLP, New York ( Mark Walfish of counsel), for 111 West 57th Sponsor LLC, PMG West 57th Street LLC, 111 West 57th Control LLC, 111 West 57th Developer LLC, Elliot Joseph, 111 West 57th KM Equity LLC, 111 West 57th KM Group LLC, Kevin Maloney, Ned White, Franklin Kaiman and 111 West 57th Partners LLC, respondents.

Kasowitz Benson Torres LLP, New York ( Joel S. Weiss of counsel), for 111 West 57th Sponsor LLC, 111 West 57th JDS LLC, 111 West 57th Control LLC, 111 West 57th Developer LLC, Matthew Phillips, Michael Stern and 111 West 57th Partners LLC, respondents.

Concur—Webber, J.P., Singh, González, Shulman, JJ.

The Second Amended Complaint (SAC) alleges that defendant 111 West 57th Sponsor LLC (Sponsor) "relied on financing" from undisclosed third parties to fund its capital and shortfall contributions to the Company, in violation of section 2.8(a)(2) of the Agreement. However, it contains no factual allegations that Sponsor "financed" such contributions through any equity arrangements proscribed by section 2.8(a)(2). Thus, it fails to state a cause of action for breach of contract...

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