Published On: Wed, Dec 3rd, 2014

Wasserman Real Estate Family Denied $132 Million Closing by NY Judge

301 West 45th Street

A bid by the Wasserman real estate family to enforce the closing of a Midtown rental building that was under contract with Melohn Properties for $132 million has failed according to a report in The Real Deal.

Manhattan Supreme Court judge Arthur Engoron rejected its bid in a decision released Friday. The judge said that he could not issue a preliminary injunction to enforce the sale of The Camelot, a 17-story rental building at 301 West 45th Street.

“Even assuming, arguendo, that seller acted in bad faith in rejecting the Nov. 19, 2014, closing date, such circumstances are not so extraordinary as to warrant this court to set a closing date for ‘on or before Dec. 17, 2014, ’ which would constitute the ultimate relief sought in this complaint, ” he wrote.

David Scharf who represents the sellers said, “We obviously had a buyer that wanted to close by a reasonable time. We are still hoping to have that happen by a reasonable time.”

The property, originally built in 1966, has 176 units, with studios with rents that begin at $2, 350 a month.

Attorney Michael Haskel, who represented the plaintiffs, told TRD, “We’re not going to be boxed out. A significant part of [the judge’s] reasoning I think was on target. We thought [he] had more power than he thinks he has.”

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