NJ Appellate Division orders Sinatra to pay FREIT $15M liquidated damages

FIRST REAL ESTATE INVESTMENT TRUST OF NEW JERSEY, INC.

Court affirmed Sinatra breached Purchase Agreement; reversed prior ruling voiding liquidated damages.
FREIT entitled to $15 million liquidated damages plus $3.42M in attorneys' fees and costs.
Case remanded to trial court to enforce payment; FREIT intends to collect the awarded amounts.
Appellate Division issued opinion on May 1, 2024; FREIT filed this 8-K on May 2, 2024.

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