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Transactional Real Estate: Challenges to Rights of First Refusal in New York Courts
February 10, 2021
Real estate partners Salvatore Gogliormella and Peter Fisch’s latest transactional real estate column, “Challenges to Rights of First Refusal in New York Courts,” appeared in the February 10 issue of the New York Law Journal. The authors discuss rights of first refusal (ROFR) in real estate contracts, which give the holder of the ROFR a preemptive right to purchase a property before the property is sold to a third party. As the authors note, when ROFRs are challenged in New York, courts tend to honor the written intentions of the parties to a ROFR, but will also fill gaps in drafting with certain default rules and will look for certain indicators of reasonableness. Therefore, specificity and clarity in drafting a ROFR are key to avoiding disputes or helping courts resolve them. Real estate associate Hannah Duus assisted in the preparation of this article.