Real Estate contracts are signed in 2009  A clause states that the deposits may be reclaimed (returned to buyers) if the first closing does not take place by September 2008.  Sellers really meant by Weptember, 2009.  First Closing took place in February 2009.  Buyers want $ 16 million in deposits returned.  Sellers want to hold on to the money.  Who made the mistake and who’s to blame.?

Today’s NYLJ discusses in CRP/Extell Parcel I, L.P., v. Andrew Cuomo, in his capacity as Attorney General of the State of New York,  10-1929-cv,U.S. Court of Appeals, Second Circuit
which "The mistake in the offering documents that triggered the dispute said the buyers could get their deposits back if the first closing in the condominium, The Rushmore, did not occur by Sept. 1, 2008, when, in fact, the year was supposed to read Sept. 1, 2009. The first closing did not occur until February 2009.

Attorney General Andrew Cuomo sued the developers to force them to release the money to proposed buyers of units in the 41-story luxury condominium at 64th Street and Riverside Boulevard on the Upper West Side.

Judge George Daniels denied a motion by CRP/Extell for preliminary injunctive relief on May 19.

"Stroock has filed an interpleader action in federal court seeking the court’s direction on what to do with the monies.

Marc Held of Lazarowitz & Manganillo represents two buyers, one in the case before Judge Daniels and a second in a state case in which he named Stroock as a co-defendant, charging fraud and third-party malpractice. The firm also was named for its role as escrow agent in the case, Coffey v. CRP/Extell I and Stroock & Stroock & Levan, 114073-2009. "