After buying two buildings from Mocal Enterprises, Inc., for $92 million dollars, 1225 Realty Owner LLC sued the seller on "fraudulent concealment" grounds -- claiming Mocal failed to disclose the existence of certain lease extensions.
When the New York County Supreme Court dismissed the case, 1225 appealed to the Appellate Division, First Department.
Since a revised rent roll had been provided more than a month before the contract was signed, and a schedule was also attached to the contract of sale, the AD1 could discern no misconduct, particularly since both sides were "sophisticated business entities, represented by counsel."
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To view a copy of the Appellate Division's decision, please use this link: 1225 Realty Owner v. Mocal Enters., Inc.