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Lucenti v. Cayuga Apartments, Inc.
Court of Appeals of New York
399 N.E.2d 918 (1979)
The plaintiff agreed to purchase two adjacent parcels from the defendant. Each parcel contained a free standing building, one of which was substantially destroyed by a fire that occurred between the contract date and the closing. The defendant received $45,000 from the property insurance and returned the plaintiff’s deposit money. The plaintiff refused to take back the check and sued for specific performance of the contract and an abatement of the purchase price. The trial court held that the plaintiff could cancel the contract or seek its performance without a reduction in price. The appellate division reversed, however, and remanded for a determination of the proper abatement, which the trial court did. The plaintiff appealed again, seeking a greater price reduction, and the appellate division increased the abatement. The plaintiff then appealed that order. The defendant also appealed both orders of the appellate division.
Rule of Law
Holding and Reasoning (Meyer, J.)
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