X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
http://nycourts.law.com/CourtDocumentViewer.asp?view=Document&docID=46476 Justice Kornreich PLAINTIFF OPERATED the Union Square Theater pursuant to a 10-year lease, entered into in May 1994, under which it held a right of first refusal if defendant owner decided to sell the property. On Aug. 22, 2000, defendant contracted to sell the premises to one of plaintiff’s competitors for $7.7 million. After exercising its first-refusal right the parties contracted for the theater’s sale to plaintiff for $7.7 million. Plaintiff sued for damages claiming defendant’s breach of the lease’s first refusal provision and conspiracy or collusion to artificially inflate the property’s purchase price. The court granted defendant’s summary dismissal motion. It found no evidence of conspiracy or collusion to inflate the purchase price, noting that the record supported defendant’s claims that plaintiff’s competitor was prepared to pay $7.7 million for the property and that defendant’s agreement to sell the property was properly contingent on plaintiff tenant’s right of first refusal.

Want to continue reading?
Become a Free ALM Digital Reader.

Benefits of a Digital Membership:

  • Free access to 1 article* every 30 days
  • Access to the entire ALM network of websites
  • Unlimited access to the ALM suite of newsletters
  • Build custom alerts on any search topic of your choosing
  • Search by a wide range of topics

*May exclude premium content
Already have an account?

 
 

ALM Legal Publication Newsletters

Sign Up Today and Never Miss Another Story.

As part of your digital membership, you can sign up for an unlimited number of a wide range of complimentary newsletters. Visit your My Account page to make your selections. Get the timely legal news and critical analysis you cannot afford to miss. Tailored just for you. In your inbox. Every day.

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.