Dear Buyer: Close the Deal or Else!
Something tells us we'll be seeing lots of lawsuits like this over the next few months. One Central Park West Property Limited, which controls the condo portion of the Trump International Hotel & Tower, has filed suit against a would-be buyer who agreed to buy a 29th-floor unit for $7.8 million, but backed out of the deal in December. A tanking real estate market isn't a justifiable reason for pulling out of a deal, of course, which may explain why the buyer, listed in court papers as Franpearl LLC, justified its decision by citing a sculpture, bar table, and coffee table that were mistakenly included on the condo's initial inventory list. The buyer initially requested, and was eventually granted, a $25,000 price cut because of the mix-up, but Franpearl later opted to abandon the purchase altogether. But because it's probably easier to just sue the buyer you thought you had rather than find a new prospect, 1CPW is now suing FranPearl and asking to not only keep its $780,000 deposit, but is asking a court to award damages, too. The full lawsuit after the jump.