Plotch v. 375 Riverside Drive Owners, Inc.

The terms of sale for the purchase of the cooperative apartment unit unambiguously stated that the balance of the purchase price must be paid within 30 business days from the date of sale, and that “time is of the essence” with respect to the closing date. Contrary to plaintiff purchaser’s contention, the lack of a date certain in the terms of sale did not render the “time is of the essence” provision invalid or unenforceable. Because the record establishes that plaintiff failed to submit the balance of the purchase price within 30 days of the auction, the court properly determined that…