Co-Ops—Condos—Attorney General (AG) Determination as to Purchaser’s Right to Return of a Down Payment Does Not Warrant Application of Res Judicata or Collateral Estoppel—AG’s Procedures Are Not Sufficiently Judicial to Apply Preclusion Doctrines
This litigation involves the renovation by a defendant developer of a hotel and a plan “to convert the hotel into luxury hotel units…and residential cooperative units….” The plaintiffs sought rescission of their purchase agreement (contract) with the sponsor and declaratory relief nullifying the sponsor’s notice of plaintiffs’ alleged default in refusing to proceed with closing of the sale. The plaintiffs also sought an order requiring the sponsor to file an amended offering plan (plan) with the NYS Attorney General (AG) and return the plaintiffs’ down payment.
