have an early Closing because he and his family desired to move into the Apartment towards the
beginning of his children's school year. Mr. Colacino further states that,
"[h]aving the ability to get out of the [Agreement] and get our money back if we
could not take title and move in [by the Adjourned Closing Date] would allow us to proceed with
our fall back plan, which was to move out of our Beach Street home [(the "Beach Street
Residence")] into a hotel or an uptown apartment that we would rent, sell the Beach Street
[R]esidence and look for [*3]another apartment to buy." Mr.
Colacino Aff. at ¶6.
Solomon, the Sellers' broker, states in her affidavit that, after the Agreement was
executed, she was in almost constant contact with the Colacinos' broker, Muss in regard to the
transaction, mostly about what materials the Colacinos needed to prepare and provide to the
Board of Directors of the Corporation (the "Board") in the Colacinos' application to purchase the
Apartment (the "Application"). Solomon Aff. at ¶11. Solomon explains that based on her
specific experiences with cooperative corporations' boards of directors, she fielded a number of
questions from Muss about "what information and presentation form at would be most acceptable
to and successful with the Board with a view to expediting closing on the [Agreement]." Id.
¶12. However, it appears that Mr. Colacino rejected at least some of these suggestions, and
Solomon states that she considered that the initial documents and information prepared for
submission would be insufficient to satisfy the Board, at least as it was described to her by Muss.
Id. at ¶13-17.
Audrey Spiegel ("Spiegel"), the President of the Corporation, states that the