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.
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“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.”
