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Ward Capital Mgmt. v. New Pelham Parkway N. LLC

Seller Granted Complaint's Dismissal, Entitled to Retain $1 Million Down Payment as Damage

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DECISION and ORDER

*1  Defendants New Pelham Parkway North LLC, New Matthews Avenue LLC, The New Parkway Terrace LLC, and New Pelham Parkway South LLC (collectively, “moving defendants,” or “defendant sellers,” “sellers” or “defendants”) move for summary judgment seeking, inter alia, dismissal of the complaint, and declaratory judgment that the moving defendants are entitled to retain a $1 million down payment as liquidated damages for breach of a contract for the sale of real property, together with prejudgment interest and counsel fees. The plaintiff cross-moves for summary judgment to recover the down payment, with interest and attorneys fees. The parties entered into a contract, dated July 22, 2013, for the sale of four residential properties located in Bronx County, each improved by mid-rise apartment buildings, and containing, in the aggregate, approximately 300 residential units, at a purchase price of $60 million. It is undisputed that the plaintiff-purchaser deposited two down payments as required by the contract of sale. The contract provided that the plaintiff-purchaser would accept insurable title, subject to certain enumerated “approved title exceptions.” The moving defendants were permitted to use the

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