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Remedies Keyed to Tabb, 8th
Uzan v. 845 UN Limited Partnership
Citation:
10 A.D.3d 230, 778 N.YS.2d 171 (2004)Facts
In April 1999, Cem and Hakan Uzan, Turkish billionaires represented by experienced counsel, executed purchase agreements for four penthouse units at the yet-to-be-constructed Trump World Tower for approximately $32 million. After two months of negotiations, the parties agreed to numerous contract modifications favorable to plaintiffs, including a reduced purchase price of over $7 million below list price, extended payment schedules, termination rights, assignment rights, and advertising rights. The contracts required nonrefundable 25% down payments paid in three installments: 10% at contract signing, 7.5% after 12 months, and 7.5% after 18 months. Plaintiffs paid all installments totaling approximately $8 million, which was placed in escrow. The offering plan prominently disclosed the sponsor’s right to retain the entire down payment upon uncured default. Following the September 11, 2001 terrorist attacks, plaintiffs failed to appear at the October 19, 2001 closing, asserting concerns about future terrorist attacks on tall buildings. The sponsor sent default notices allowing 30 days to cure, and upon plaintiffs’ failure to cure, terminated the contracts on November 19, 2001.
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