Brooklyn Developer's $50M Suit Over Property Deal Junked

Law360, New York (May 14, 2013, 7:21 PM EDT) -- A New York City developer should have brought its breach of contract claims against the owners of Sky Lofts LLC and S&Y Enterprises LLC in the companies' bankruptcy proceedings, a state judge ruled Monday, dismissing a $50 million suit against the companies with prejudice.

Justice Charles E. Ramos sided with defendants Yehuda and Ruthe Backer, finding that Princeton Bedford LLC and Bedford JV LLC's allegations of a breached $21 million contract to sell two Brooklyn properties were barred by res judicata, having already had a chance...
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