CTSW successfully defended its client, the owner of a prime midtown Manhattan property, in a dispute stemming from a demand for brokerage commissions in the sale of the building. The court, awarding summary judgment to the property owner, adopted CTSW's arguments that the prospective buyer presented by the plaintiff, a commercial real estate brokerage firm, was not “ready, willing and able” to purchase the property. The court based its determination on discrepancies between the seller's requirements and the prospective buyer's offer.
“The takeaway for commercial real estate brokers and property owners is that any expressed intent needs to match up against every aspect of the seller's requirements,” said Steve Wagner, chair of CTSW's litigation department. “There were too many gaps here to meet the requirement of 'ready, willing and able,' so the transaction never progressed to the point where a commission was owed.” Steve, along with Kara Gorycki, worked on the case.