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Uzan v. 845 UN Limited Partnership

This appeal presents the issue of whether plaintiffs, who defaulted on the purchase of four luxury condominium units, have forfeited their 25 percent down payments as a matter of law. Because the governing purchase agreements were a product of lengthy negotiation between parties of equal bargaining.....

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This appeal presents the issue of whether plaintiffs, who defaulted on the purchase of four luxury condominium units, have forfeited their 25 percent down payments as a matter of law. Because the governing purchase agreements were a product of lengthy negotiation between parties of equal bargaining power, all represented by counsel, there was no evidence of overreaching, and upon consideration of the fact that a 25 percent down payment is common usage in the new construction luxury condominium market in New York City, we hold that upon their default and failure to cure, plaintiffs forfeited all rights to their deposits pursuant to the rule set forth in Maxton Builders, Inc. v. Lo Galbo (68 NY2d 373).

Defendant 845 UN Limited Partnership appeals from an order of the Supreme Court, New York County (Alice Schlesinger, J.), entered July 21, 2003, which, to the extent appealed from, denied its motion for summary judgment.

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