New York Law Journal: Realty Law DigestApril 15, 2015
In his weekly Realty Law Digest column (subscription required), Scott Mollen analyzes three notable cases. In 326 East 85 Realty v. Hairy Monk Corp., the court held that a clause requiring a $500-per-day late fee constitutes a penalty and is therefore unenforceable. In Centech v. Yippie Holdings, a right of first refusal was not triggered upon a sale of foreclosure by a referee. In Loudon House v. Town of Colonie, the court held that a town board acted arbitrarily in enacting a local law.