Developers Can't Regain Money After Failed $690M Deal

Law360, New York (January 12, 2012, 7:09 PM EST) -- A New York state appeals court ruled Thursday that two real estate developers can't recover more money from each other after their joint venture to acquire a Florida hotel complex for $690 million and redevelop it fell apart.

The ruling from essentially preserves the status quo between the two parties to the joint venture agreement, developers Thor Properties and The Chetrit Group LLC. Thor isn't entitled to a $6.25 million payment because of Chetrit's alleged failure to close the deal, and Chetrit can't force Thor to...
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