nyc-apartment-buildings
On May 30, 2023, the Appellate Division, First Department, decided 301 East 60th Street LLC v. Competitive Solutions LLC, 217 AD3d 79 (1st Dept. 2023) (Competitive Solutions)—the first decision to grant a purchaser of inclusionary air rights (IARs) the remedy of specific performance against a seller who reneged on the parties’ agreement.
This article discusses two issues decided by the Appellate Division: (1) whether IARs are considered “unique,” which is required to invoke the equitable remedy of specific performance, and (2) whether the parties’ agreement entitled the purchaser to specific performance as a contractual remedy. (Disclosure: The prevailing purchaser in Competitive Solutions, 301 East 60th Street LLC (“purchaser”), was represented by Rosenberg & Estis).
