Sign In
Events
Newsletters
Search

Close

Close Search

Cancel

SEARCH
MY LAW.COMNEW

ST. STEPHEN COMMUNITY A.M.E. CHURCH, plf-res, v. 2131 8TH AVENUE, LLC def-ap

13875N. ST. STEPHEN COMMUNITY A.M.E. CHURCH, plf-res, v. 2131 8TH AVENUE, LLC def-ap — Goldberg Weprin Finkel Goldstein LLP, New York (Matthew Hearle of counsel), for ap — Douglas M. Reda, Woodbury, for res — Order, Supreme Court, New York County (Joan A. Madden, J.), entered June 4, 2013, which, to the extent appealed from, as limited by the briefs, determined that plaintiff is entitled to prejudgment interest on an award of $1.3 million for defendants' breach of a purchase and sale agreement between plaintiff and 2131 8th Avenue, LLC., unanimously affirmed, without costs.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

13875N. ST. STEPHEN COMMUNITY A.M.E. CHURCH, plf-res, v. 2131 8TH AVENUE, LLC def-ap — Goldberg Weprin Finkel Goldstein LLP, New York (Matthew Hearle of counsel), for ap — Douglas M. Reda, Woodbury, for res — Order, Supreme Court, New York County (Joan A. Madden, J.), entered June 4, 2013, which, to the extent appealed from, as limited by the briefs, determined that plaintiff is entitled to prejudgment interest on an award of $1.3 million for defendants’ breach of a purchase and sale agreement between plaintiff and 2131 8th Avenue, LLC., unanimously affirmed, without costs.

In this action for breach of contract related to the sale of real property, defendants’ arguments that prejudgment interest is unavailable because the money at issue was held in escrow, depriving them of its use, and rendering the imposition of interest an improper penalty, were squarely addressed and rejected by the Court of Appeals in J. D’Addario & Co., Inc. v. Embassy Indus., Inc. (20 NY3d 113 [2012]), where, as here, the losing party was found to be in breach of the contract. As the Court of Appeals recognized, the purpose of awarding statutory interest on amounts held in escrow “is to make [the] aggrieved party whole,” and “not to punish the breaching party” (id. at 118 [internal quotation marks and citations omitted]).

Trending Stories

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

LEARN MORE

More From ALM

Premium Subscription
With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Team Accounts
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Bundle Subscriptions
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
Go to CLE Center
New York Legal Awards 2024
September 05, 2024
New York, NY

The New York Law Journal honors attorneys and judges who have made a remarkable difference in the legal profession in New York.


Learn More
Consulting Leaders in Technology 2024
May 16, 2024
Dallas, TX

Consulting Magazine recognizes leaders in technology across three categories Leadership, Client Service and Innovation.


Learn More
Legal Innovation Awards 2024
May 23, 2024
London

Celebrate outstanding achievement in law firms, chambers, in-house legal departments and alternative business structures.


Learn More
Go to Events Go to Webcasts
EMPLOYEE BENEFITS ASSOCIATE

We are seeking an associate to join our Employee Benefits practice. Candidates should have three to six years of employee benefits experienc...


Apply Now ›
Associate Attorney

Associate attorney position at NJ Immigration Law firm: Leschak & Associates, LLC, based in Freehold, NJ, is looking for a full time ass...


Apply Now ›
ASSOCIATE ATTORNEY-PERTH AMBOY-NJ

Company Description CourtLaw Injury Lawyers is an established Personal Injury Law Firm with its primary office located in Perth Amboy, New J...


Apply Now ›
Go to Lawjobs
Clifford Law Offices, PC
04/29/2024
The National Law Journal

Professional Announcement


View Announcement ›
MELICK & PORTER, LLP
04/15/2024
Connecticut Law Tribune

MELICK & PORTER, LLP PROMOTES CONNECTICUT PARTNERS HOLLY ROGERS, STEVEN BANKS, and ALEXANDER AHRENS


View Announcement ›
Apruzzese, McDermott, Mastro & Murphy, P.C.
04/11/2024
New Jersey Law Journal

Professional Announcement


View Announcement ›
Go to Professional Announcements