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Real Property Law
Contract Language Does Not Bar Purchaser's Recovery of Prejudgment Interest
IHG Harlem 1 LLC v. 406 Manhattan LLC, 2024 WL 157401, AppDiv, First Dept. (Opinion by Kapnick, J.)
In purchaser's action to recover a deposit paid to a breaching seller, purchaser appealed from Supreme Court's denial of prejudgment interest. The Appellate Division modified to award prejudgment interest, holding that the contract language did not bar an award of interest.
Three contracts of sale between the parties required sellers to obtain assignments of mortgages on the properties. Sellers failed to obtain the assignments, which resulted in a prior judgment concluding that sellers had breached the sale contract. The sale contracts also provided that purchaser's sole remedy for seller's failure to convey would be either specific performance or return of its deposits. In a prior action, the Appellate Division concluded that because seller elected not to seek specific performance, its sole remedy was return of its deposits. When the parties then proposed judgments to Supreme Court, purchaser proposed a judgment for the deposits plus seven years of prejudgment interest. Supreme Court signed the judgment proposed by seller, which provided for return of the deposits without interest. Purchaser appealed.
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