A Manhattan Commercial Division judge has ruled that a “best efforts” clause in a real estate contract can be enforced even though the contract has no objective criteria for defining best efforts, addressing an issue that has long been murky in New York courts.
Supreme Court Justice Eileen Bransten (See Profile) ruled on Oct. 9 in Maestro West Chelsea PDE LLC v. Pradera Realty Inc., 652142/12, that the owners of a large plot of real estate in Chelsea who had contracted to buy air rights from the owner of a neighboring plot of land, which failed to close the deal, are entitled to a preliminary injunction preventing the neighboring owner from selling the air rights to anyone else.
