Paul, Weiss Prevails in High-Stakes Real Estate Dispute

Paul, Weiss secured a major victory on behalf of firm clients Barbara Slifka and various entities associated with a valuable commercial property located at 477 Madison Avenue. Trustees of trusts for two of Ms. Slifka’s nephews had challenged her authority to act as the managing partner of the partnership that owns the fee to the property and her plans to sell the property. They filed suit in the Commercial Division of the New York State Supreme Court, raising numerous claims, including claims for alleged breaches of contract and fiduciary duty.  After extensive oral argument on our motion to dismiss, Justice Joel Cohen dismissed all claims relating to Ms. Slifka’s authority, ruling that she indeed had the sole and absolute discretion to sell the building. A single claim for partnership information survived the motion.

The Paul, Weiss team included litigation partner Allan Arffa, who argued the motion, and counsel Adam Bernstein; real estate partner Peter Fisch; and personal representation partner Loretta Ippolito and counsel Jessica Soojian.