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Real Property Law
Owner Entitled to Cancellation of Notice of Pendency Upon Posting of Bond
Hakmon v. 244 East 48th Street Development, LLC NYLJ 11/13/20, p. 19, col. 4 AppDiv, First Dept. (memorandum opinion)
Property owner appealed from Supreme Court's denial of its motion to cancel a notice of pendency filed by holder of an alleged right of first refusal. The Appellate Division reversed, and held that owner was entitled to cancellation upon posting an undertaking of $1,826,000, unless holder of the first refusal right were to post a bond in the amount of $1,162,307.40.
Holder of the alleged first refusal right sought title to the property, which she asserts is worth more than the $8.05 million offer the current owner has received. In connection with the action, she filed a notice of pendency. Owner moved to cancel the notice of pendency. Supreme Court denied the initial motion with leave to renew because owner had not established the value of the premises. Supreme Court then denied owner's motion for leave to renew even after owner submitted an affidavit of a real estate broker who opined that an $8.05 million offer represented fair market value. Owner appealed.
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