Firm Obtains Summary Judgment on Behalf of Home Builder Regarding Right to Purchase Land in Hoboken
February 4, 2011
Firm Obtains Summary Judgment on Behalf of Toll Brothers, Inc. Regarding Exercise of Option to Purchase Land in Hoboken [TSA Investments, LLC v. Block 255, LLC and Toll Brothers, Inc. – Docket No. HUD-L-5761-09, consolidated with HUD-L-3678-10]. On cross-motions for summary judgment, Judge Costello of the Superior Court, Law Division, Hudson County, New Jersey, granted summary judgment in favor of Toll Brothers, Inc. and Block 255, a Toll Brothers affiliate, and denied the summary judgment motion of TSA Investments. The Court ruled that Block 255 had validly exercised its option to purchase land underlying a $20 million plus parking garage in Hoboken adjacent to the “Hudson Tea” condominium complex. TSA Investments had taken the position that Block 255 was required to pay rent for up to 90 years on the parcel of land at issue in the case.