A seller in a real estate deal claiming anticipatory repudiation against the buyer doesn’t need to demonstrate that it was ready to close on the deal if it is not seeking lost profits, Manhattan Supreme Court Justice Charles Ramos ruled in Princes Point v. AKRF Engineering, 601849/08.
The buyer, Princes Point LLC, contracted to buy a 23-acre parcel on Staten Island’s waterfront for development. The seller, Allied Bay Co., failed to get all the necessary approvals before an agreed-upon closing deadline. Princes Point then sued Allied, seeking an abatement of the purchase price.
