On May 30, 2023, the Appellate Division, First Department, decided 301 East 60th Street LLC v. Competitive Solutions LLC, 217 AD3d 79 (1st Dept. 2023) (Competitive Solutions)—the first decision to grant a purchaser of inclusionary air rights (IARs) the remedy of specific performance against a seller who reneged on the parties’ agreement.
This article discusses two issues decided by the Appellate Division: (1) whether IARs are considered “unique,” which is required to invoke the equitable remedy of specific performance, and (2) whether the parties’ agreement entitled the purchaser to specific performance as a contractual remedy. (Disclosure: The prevailing purchaser in Competitive Solutions, 301 East 60th Street LLC (“purchaser”), was represented by Rosenberg & Estis).
Background
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