Sapir v. Hovas

Order, Supreme Court, New York County (Charles E. Ramos, J.), entered July 23, 2009, which granted defendants’ motion for summary judgment dismissing the complaint and declaring their entitlement to a $1.3 million down payment held in escrow, unanimously affirmed, with costs.

The dispute involves a contract for the purchase of a substantial piece of property on Acapulco Bay, known as Villa Arabesque. When the transaction did not close, the buyer brought this action for return of his deposit.

The letter of deposit, whereby plaintiff agreed to purchase the property, portions of which were held in…