Emigrant Industrial Savings Bank v. Willow Builders, Inc.

Lehman, Ch. J.

On May 2, 1941, the defendant Willow Builders, Inc., entered into a contract to purchase from the plaintiff an eleven-story apartment house. The stipulated purchase price was $275,000, payable as follows: four thousand dollars upon the execution of the contract, sixteen thousand dollars upon the closing of title and two hundred and fifty-five thousand dollars by delivery of a Purchase Money Bond and Mortgage. In the contract of sale the defendant agreed that it would “ make extensive alterations to the premises.” The total cost of the alterations was estimated in the contract of…