Broker Recovers Fee
July 31, 2011
We successfully represented a large Commercial Real Estate Brokerage Firm in Brooklyn (“the Broker”) in an arbitration against a newspaper company that was selling its building (“the Seller”), which settled at favorable terms. The Seller entered into a brokerage agreement with the Broker which guaranteed a brokerage fee to the Broker regardless of whether the Broker introduced the Seller to the ultimate buyer of its building, and promised a commission if the Broker found the ultimate buyer. The Seller sold the building to a buyer allegedly on an “exclusion list”, which the Broker could never have received a commission for according to the Brokerage Agreement. Following the sale, the Seller refused to pay the Broker the guaranteed brokerage fee. The brokerage agreement called for arbitration, and we represented the Broker in the arbitration and ultimately settled the matter at favorable terms.
