Lovelace v. Krauss

Judgment, Supreme Court, New York County (Milton A. Tingling, J.), entered October 14, 2008, declaring the contract between the parties cancelled and directing defendant escrowee to return plaintiffs deposit of $955,450, unanimously affirmed, with costs.

The subject of the underlying litigation is the July 24, 2007 contract of sale and rider between the parties wherein plaintiff offered to purchase two units in an East Side cooperative apartment building in Manhattan. Flaintiff placed a down payment of $955,450 with the sellers’ law firm, as escrowee.

“It is an elementary rule of contract…