Fried Frank, led by litigation partner Janice Mac Avoy, successfully represented Princeton Holdings LLC and The Bluestone Group in a dispute regarding the acquisition of a 50% tenant-in-common interest in 14 Manhattan properties.....
(prHWY.com) August 27, 2012 - New York, NY -- New York ;August 27th , 2012 :- Fried Frank, led by litigation partner Janice Mac Avoy, successfully represented Princeton Holdings LLC and The Bluestone Group in a dispute regarding the acquisition of a 50% tenant-in-common interest in 14 Manhattan properties, valued in excess of US$450 million at the time the agreement was entered into, and currently worth significantly more. After entering into a binding letter agreement, Princeton's joint venture partner, Michael Ring, purported to terminate the agreement and claimed that it was not binding upon the parties. In response, Fried Frank: (i) obtained an order from the Supreme Court of New York compelling arbitration, (ii) procured a preliminary injunction from New York's First Department prohibiting Michael Ring from directly or indirectly transferring or encumbering the properties pending arbitration, and (iii) ultimately succeeded on the merits at JAMS arbitration in which the arbitrator found the letter agreement binding and granted Princeton specific performance of the deal.
The matter involved several unique issues, including the availability of specific performance as a remedy to enforce a joint venture where Michael Ring allegedly no longer trusted Princeton based on the parties' contentious negotiating history. At the hearing, Fried Frank prevailed in demonstrating that the alleged loss of trust issue was disingenuous, and that regardless, courts and arbitrators should uphold parties' contractually bargained-for specific performance remedies. The arbitrator's award is one of the few times a New York tribunal has ordered specific performance in the joint venture context.
The Fried Frank team included real estate partner Jonathan Mechanic; litigation partner Janice Mac Avoy; tax partner Richard Wolfe; and real estate special counsel Eddie Frastai.
Contact Details
Fried Frank,
Harris, Shriver & Jacobson LLP
One New York Plaza
New York, New York 10004
U.S.A
Ph: (212) 859-8182
Email - Janice.MacAvoy@friedfrank.com
Website -
http://www.friedfrank.com/
###