Co-OpsContractsSponsor’s Law Suit to Retain Down Payment and Recover Reasonable Legal Fees and ExpensesSponsor Sought More Than $3 MillionCourt Awarded Only $475,000Excessive Work, Redundant Work, Excessive Staffing, Routine Legal Issues
The plaintiff purchaser had commenced an action against a condominium sponsor to recover a $4.68 million down payment on an $18.75 million cooperative apartment. Following a trial, the court held that “the parties’ lopsided contract entitled sponsor to retain the down payment and recover its reasonable legal fees and expenses.” After the court had encouraged the parties to resolve the fee issue informally, the sponsor moved for an order regarding the amount of legal fees and expenses. The court granted the sponsor’s motion, but awarded the sponsor’s law firm, Kramer Levin Naftalis & Frankel, only $475,000 in legal fees and expenses out of the $3,164,828 that the sponsor had sought.
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