Romer Debbas, LLP recently represented an investor from Australia who acquired a commercial property in Brooklyn with the plan to tear down the property and develop a 20 unit condominium project. At the time, the property was already under contract with another buyer who was a foreign real estate fund. The initial buyer was having liquidity issues to complete the project and risked losing their 10% deposit if they did not close by a time of the essence closing date. Our client learned of this opportunity and offered to have the contract assigned to him by the initial buyer, reimburse the initial buyer for their expenses and close by the deadline which was three weeks from when the parties agreed upon the business terms. We were able to conduct due diligence on the property, negotiate for the assignment agreement, form a domestic entity for the foreign investor, clear title and close all within the three week time period. Presently we are assisting this client with the development project and corporate and real estate needs. This transaction was handled by Pierre E. Debbas, Esq. and Michael R. Feldman, Esq.