Al-Sco Realty Co., Inc. v. Suburban Apt. Corp.

Specific performance of an agreement to purchase a leasehold interest in the property known as Nos. 2822 to 2826 Hudson Boulevard, Jersey City, New Jersey, is sought by the complainant. It alleges that the defendant corporation agreed to sell its leasehold interest for $30,000 by the payment of $17,500 in cash (less adjustments) and by the assumption of a $12,500 mortgage.

The defendant practically denies everything alleged by the complainant excepting the ownership and the existence of the mortgage. It charges that the action is barred under the statute of frauds which requires a written…