After filing suit in Morris County Superior Court for specific performance to compel the buyout of the firm’s client’s interest, Stephen R. Urbinato and Jonathan J. Lerner successfully resolved an ownership dispute regarding a 75 unit apartment complex located in Morristown, New Jersey valued at $8.95 Million Dollars. Starr, Gern represented two of several owners. Ownership of the complex had evolved into several owners as a result of generational succession from the initial owners. After first trying to exercise certain buyout rights under the operating agreement for the ownership entity, SGD&R filed suit to compel the company to buy out the firm’s clients. Complex, multi-party negotiations ensued resulting in the sale of the apartment complex and the dissolution of the company. The sale was complicated by the need to restructure the ownership prior to the sale in order to enable some of the owners to effectuate a tax differed, like-kind exchange under Section 1031 of the Internal Revenue Code.
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