Walnut Woods and Shenandoah Ridge, David Leonard and Patricia Sanderson vs. Grand Central Building LLC
PA-Michael J. Novotny; J-NA
* In September 2005, Walnut Woods and Grand Central entered into a real estate purchase agreement for sale of property, with Walnut Woods agreeing to a purchase price of $1,700,000. The price was based on development of a 170 lot residential subdivision. Per their agreement if Walnut Woods was unable to obtain approval for those lots, Grand Central agreed to reimburse $10,000 for each approved lot less than 170. After purchasing the property Walnut woods learned the maximum density for the property was 50 residential units, entitling them to a $1,200,000 refund. Leonard, Sanderson, Walnut Woods and Shenandoah Ridge are seeking judgment of $2,500,000 for punitive damages, interest, and attorney fees.
Case number: 10-C-4