Jefferey Ogden Katz Wins Appeal in Geraci High Stakes Real Estate Case
Chicago, IL – December 10, 2015 – The Patterson Law Firm is pleased to announce that its attorney, Jefferey Ogden Katz, has won an appeal in the matter of First 38, LLC v. Peter Francis Geraci. Mr. Katz represented Mr. Geraci in this matter. The case involved an appeal of a decision regarding who was entitled to purchase a luxury penthouse apartment in excess of $8,000,000. The owner of a condominium on another floor of the same building filed a complaint seeking to enforce its right of first refusal to prohibit the sale of the penthouse unit to Mr. Geraci, the prospective buyer. Mr. Katz filed a counterclaim on behalf of Mr. Geraci to stop the purchase of the penthouse unit by the owner of the other unit. However, following a bench trial, the circuit court entered an order which favored the owner of the property on the nearby floor. Mr. Katz promptly appealed the decision.
The appeals court found that the real estate agent representing the sale of the penthouse unit did in fact give proper notice of Mr. Geraci’s offer under the right of first refusal provision to the owner of the other unit. The owner of that unit did not execute the proper documents in the time frame allowed nor did it match our client’s offer to purchase the penthouse unit. Therefore, the court found that the owner of the other unit forfeited its right of first refusal and its option to purchase the unit. The judgment of the circuit court was reversed.
“This is an important win for our client, Mr. Geraci, who is delighted to be able to purchase the unit he wanted,” said Mr. Katz. “I know that he will enjoy living there.”
Patterson Law Firm LLC undertakes challenging business lawsuits, including emergency business litigation, insurance coverage controversies, shareholder and LLC-member disputes (business divorces), all types of breach of contract claims, real estate litigation and legal malpractice and professional liability cases, among other related commercial litigation matters. The attorneys at The Patterson Law Firm provide efficient and ethical representation for their clients while counseling on effective and beneficial best business practices. To learn more about how The Patterson Law Firm can help you, call our office at 312.223.1699.