Litigation filed due to an incomplete real estate transaction

Conlon & Co. is a real estate brokerage firm that used to have offices at 6-8 W. Maple Street in Chicago. The company entered into an agreement to sell its offices to developers; however, the real estate transaction has yet to be completed as promised. Conlon's founder has filed a lawsuit alleging that his company was never paid for the property.

The condominium in question is one of many that the venture is attempting to acquire in order to build an Urban Outfitters store and restaurant where Chicago's Hunt Club used to be located. For the time being, Conlon is still occupying its offices. The agreement brokered in June 2013 required a payment of $400,000 with an additional $200,000 payment once the venture had completed the acquisition of all of the properties in the three-story building Conlon's condominium occupies.

Supposedly, the first payment was due either when the demolition of the building was approved or on Dec. 28 if the approval had yet to be granted. The developers have attempted to request an extension of that deadline since they have yet to receive the required permissions to demolish the building. Conlon is claiming that his company is still yet to receive either of the agreed upon payments.

The lawsuit requests multiple damages, legal fees, and the originally agreed upon amount of $600,000. Once an agreement is signed in any real estate transaction, a lawsuit may be filed if one of the parties fails to comply with the contract. A plaintiff may receive damages in the event of a successfully litigated claim. When damages are deemed as not being enough to provide a fair resolution, other remedies may be available including specific performance in which the court orders one of the parties to comply with the original terms of a contract.

Source: chicagobusiness.com, Hunt Club developers sued over property next door, Ryan Ori, Jan. 31, 2014

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