Weinstein, Chase, Messinger, & Peters attorneys are proud to announce their big real estate success at appealing an unfavorable building sale contract at a price below current market value, leading to a 14 million dollar sale benefiting their client, Madeline C, one of the partners of Regent Associates.
In 2013, Regent Associates started the sale process of their nine residential rental buildings in Brooklyn, NY to Brooklyn Portfolio, LLC for 5.9 million dollars. They signed a contract, with partner Arthur G signing on behalf of Regent Associates. However, Henry C, another of the three partners of Regent Associates, never consented to the sale nor signed the stipulation determining the distribution of the sale profits between the partners, and Madeline C, a third partner, never signed the contract. In order for the sale to be valid, all partners of Regent Associates had to agree to it, for the sale would mean the total dismantling of their partnership, as per their partnership agreement.
Brooklyn Portfolio sued to enforce the contract in the Supreme Court, Kings County, arguing its validity. They still wanted to buy the buildings, and they wanted those buildings at the 5.9 million dollar price. Irwin Weinstein, representing partner Madeline C helped prove that the contract could not hold up due to the lack of unanimity by Regent Associates partners. Considering the sale would result in the dissolution of the partnership and prevent the company from conducting its ordinary business, the sale required the agreement of all partners. The court ruled in favor of Regent Associates and the contract was voided.
Due to the expert legal guidance of Irwin Weinstein and WCMP Law, Regent Associates was able to enter into a favorable contract with new buyers – this time at the market value of 14 million dollars. The sale agreement was unanimous and Regents Associates was able to make the transaction at eight million dollars higher than they would have with Brooklyn Portfolio.
The attorneys at Weinstein, Chase, Messinger, & Peters have extensive real estate experience and are happy to help you with all your real estate needs. If you are looking to buy or sell real estate, contact WCMP Law so we can make sure your contracts are in your best interest and so you can get the most favorable market value prices.