Recovery at One Madison Park
Bill Turkish recently won an appeal in the Appellate Division – First Department – resulting in the recovery by our clients of their $622,500 down payment plus an additional $110,000 in interest on the failed purchase of a $6.2 million luxury apartment in the infamous One Madison Park condo development in Manhattan.
Our client had contracted to purchase the apartment during construction of the building. The developer defaulted on its construction loan and the project went into foreclosure. As a result, the Attorney General granted purchasers the right to rescind their offers to purchase and our client terminated the contract. The seller refused to return the contract deposit and litigation ensued.
Following the denial of motions and cross-motions for summary judgment in the lower court on the issue of which party was entitled to the contract deposit, both parties appealed to the Appellate Division.
Assisted by associate Michael Braunstein on the appellate brief, the Appellate Division reversed the lower court and awarded our client the contract deposit PLUS accrued interest at 9%.
A recent attempt by the seller for permission to appeal to the New York Court of Appeals was denied.
Our client has now recovered the $622,500 and all accrued interest. (See Kaplan v. Madison Park, et al, 94 A.D. 3d 616 2012.)