Buying and selling commercial and residential properties is quite a common process in Florida. When real estate disputes arise, it can cause significant delays that place one or more parties at risk for severe economic losses. Those facing current real estate problems in this state may want to follow news of an ongoing battle elsewhere that has been in litigation for some time now.
The seller in this particular case has accused the prospective buyer of a contract breach. The buyer apparently agreed to purchase a hotel, then repeatedly requested extensions on proposed closing dates. A central issue in the ongoing real estate dispute involves a liquor license.
The two key players in the situation are PGIM Real Estate and Thor Equities. The former owns the James Hotel, a trendy, four-star establishment in New York. The posh, 20-story, 114-key hotel in Lower Manhattan was reportedly set to be sold for $70 million. According to PGIM, problems arose when Thor didn't make good on the deal. PGIM says Thor failed to pursue transfer of the hotel's license to sell liquor and tried to back out of its proposed purchase after the due diligence period was over.
It's not the first time Thor has been named in real estate disputes. The two parties have apparently finally worked out a settlement agreement and are now awaiting court approval. These types of situations can be quite complicated and challenging to resolve, which is why most buyers and sellers in Florida rely on experienced representation in court.
Source: therealdeal.com, "Thor, PGIM hammer out settlement over James hotel deal", Mark Maurer, Aug. 29, 2017