Pryor Cashman obtained a $7 million judgment for its client, MLVM Washington LLC (“MLVM”), against defendants GB Development Group LLC, Term-Washington Street Garage Corp. and Gerald Brauser (a principal of those companies) in Supreme Court, New York County on December 1, 2009. 

The case related to the purchase of a mixed-use development site comprised of approximately 430,000 buildable square feet in lower Manhattan. MLVM asserted claims for breach of contract and a return of its $7 million deposit under the contract by reason of the sellers’ failure to perform various material obligations. The sellers denied the claims and asserted various counterclaims, including that MLVM breached the contract and forfeited its down payment.

At the commencement of the case, Pryor Cashman obtained a temporary restraining order, followed by a preliminary injunction which enjoined the sellers from imposing a closing date upon MLVM until the sellers first performed certain material pre-closing obligations under the contract.

Pryor Cashman then moved for summary judgment on MLVM’s claims for breach of contract, attorneys’ fees and under a guaranty which further secured the return of the down payment in the event of a breach by the sellers. After oral argument, Justice Jane Solomon granted summary judgment in MLVM’s favor, dismissed the sellers’ counterclaims and awarded MLVM its attorney's fees.

Pryor Cashman Litigation and Real Estate Partners Joseph L.Brasile, Eric D. Sherman and Lisa M. Buckley represented MLVM in the litigation..

To read a copy of the decision, please click here.