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JERICHO GROUP, LTD. v. MIDTOWN DEVELOPMENT, L.P.

32 A.D.3d 294 (2006)

820 N.Y.S.2d 241

JERICHO GROUP, LTD., Respondent, v. MIDTOWN DEVELOPMENT, L.P., Appellant.

Appellate Division of the Supreme Court of the State of New York, First Department.

August 17, 2006.

On June 18, 2002, Jericho Group, Ltd. entered into a contract to purchase two undeveloped properties on 11th Avenue from Midtown Development, L.P. One lot was located between 36th and 37th streets, and the other was between 37th and 38th streets. The purchase price was $28 million. Jericho deposited $250,000 into an escrow account at the time of execution of the contract, and agreed to pay the balance of the purchase price at closing...

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