Park Road Development, LLC v. Akgg, LLC

CourtNew Jersey Superior Court Appellate Division
DecidedSeptember 24, 2024
DocketA-2661-22
StatusUnpublished

This text of Park Road Development, LLC v. Akgg, LLC (Park Road Development, LLC v. Akgg, LLC) is published on Counsel Stack Legal Research, covering New Jersey Superior Court Appellate Division primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Park Road Development, LLC v. Akgg, LLC, (N.J. Ct. App. 2024).

Opinion

NOT FOR PUBLICATION WITHOUT THE APPROVAL OF THE APPELLATE DIVISION This opinion shall not "constitute precedent or be binding upon any court ." Although it is posted on the internet, this opinion is binding only on the parties in the case and its use in other cases is limited. R. 1:36-3.

SUPERIOR COURT OF NEW JERSEY APPELLATE DIVISION DOCKET NO. A-2661-22

PARK ROAD DEVELOPMENT, LLC,

Plaintiff-Appellant,

v.

AKGG, LLC,

Defendant-Respondent. ___________________________

Submitted September 9, 2024 – Decided September 24, 2024

Before Judges Gooden Brown and Chase.

On appeal from the Superior Court of New Jersey, Chancery Division, Cape May County, Docket No. C- 000068-21.

Cooper Levenson, PA, attorneys for appellant (Fredric L. Shenkman, on the briefs).

Hornstine & Vanderslice, LLC, attorneys for respondent (Brian A. Pelloni, on the brief).

PER CURIAM Plaintiff Park Road Development, LLC ("Park Road"), appeals from the

trial court's April 21, 2023 final judgment denying its complaint seeking specific

performance by AKGG, LLC ("AKGG"), pursuant to a contract to sell three

adjoining lots in Sea Isle City ("Agreement"). We affirm.

I.

AKGG is the owner of a property which consists generally of lots located

at 4216 Park Road and a portion of 4210 Park Road in Sea Isle City ("Property").

AKGG is comprised of two principals, Gloria Giampietro and Ann Marie Kelly.

Giampietro and Kelly are sisters and have been business partners for decades.

Giampietro is the managing member and spokesperson of AKGG; however, the

longstanding policy between the sisters was that all business decisions would be

jointly made.

Park Road is comprised of two principals, Frank Edwardi and Michael

Monichetti. Edwardi and Monichetti formed Park Road for the sole purpose of

acquiring and developing the Property. Edwardi is a real estate developer and

Sea Isle City councilman. Monichetti owns a local seafood restaurant and store

located adjacent to the Property. Edwardi and Monichetti jointly manage Park

Road and have otherwise operated as business partners for several years.

Edwardi reviews binding documents on behalf of Park Road.

A-2661-22 2 In March 2021, AKGG listed the Property for sale. AKGG entered into a

listing agreement with T.I. Realty Group ("T.I.") and Christopher Glancey,

giving T.I. the exclusive right to sell the Property and naming Glancey the

broker of record and AKGG's agent. All negotiations for the sale of the Property

occurred through Glancey. Park Road and AKGG never communicated directly

regarding the sale.

Don Wilkinson, Esq., was retained to represent Park Road in the

transaction. Wilkinson spoke to Glancey with the understanding Glancey was

either an agent for Park Road as the buyer or a disclosed dual agent. Wilkinson

sent a draft of the proposed Agreement to both Glancey and Edwardi purporting

to convey the Property from AKGG to Park Road for $3.6 million. Due to

difficulty ascertaining the bounds of the Property to be conveyed from the local

tax maps, Wilkinson inserted language into the draft Agreement describing the

conveyance as Lots 6, 7, 8, and "an approximate ten foot (10') wide portion of

Current Lot 9." Wilkinson also informed Glancey and Edwardi of his

uncertainty to the amount of land involved in the transaction.

On April 28, 2021, AKGG and its attorney, Anthony Monzo, Esq.,

reviewed the Agreement. Park Road and AKGG subsequently executed the

A-2661-22 3 Agreement and an addendum the same day. The addendum stated in pertinent

part:

The real property to be sold is known as 4216 Park Road and a portion of 4210 Park Road in the City of Sea Isle City, in the County of Cape May, and State of New Jersey. It is shown on the municipal tax map as Lot(s) 4, 5, 6.01, 6.02, 7, 8, and an approximate ten foot (10') wide portion of current Lot 9 (to be created by subdivision pursuant to Article 34) Block 41.05.

[(emphasis added).]

Additionally, the addendum changed the closing date and shortened the due

diligence period to forty-five days contingent on subdivision approval from the

Sea Isle City Planning Board.

The "Due Diligence Inspection" provision of the Agreement stated, in

pertinent part, that Park Road would

investigate and determine [Park Road's] ability to subdivide and develop the property into three separate conforming lots and develop on each lot a mixed[-]use structure in conformance with all applicable governmental zoning and building regulations. If [Park Road] determines that it is not satisfied in its sole discretion . . . [Park Road] may terminate.

Edwardi testified he had no definitive plans for developing the Property when

signing the Agreement, and when he did ultimately sign, he did not know what

the term "approximate" meant regarding the amount of land to be conveyed.

A-2661-22 4 After the due diligence period expired and Wilkinson reviewed the survey

of the land, he was still unable to determine the amount of land involved in the

transaction. Wilkinson calculated the amount of frontage for lots involved,

which amounted to 140 feet; however, Wilkinson marked "150??" to indicate

the discrepancy between the amount of land calculated and the amount his

clients expected to receive in the sale. Wilkinson then drafted a second

addendum to the Agreement, which stated the amount of land to be conveyed

should not be less than 150 feet of frontage. This was the first time a document

involved in the sale described the Property to be no less than 150 feet. AKGG

never executed this addendum.

Monzo contacted Wilkinson expressing AKGG's concerns that the

addendum described the sale of 150 total feet of frontage, which included twenty

feet of Lot 9, when AKGG understood the sale to include only ten feet. Monzo

requested a copy of the concept plan of the subdivision to ensure it was

consistent with the parties' understanding when entering into the agreement.

After receiving notice of the dispute over the amount of land, Edwardi indicated

to Park Road's surveyor, Ryan McCreesh, that the subdivision plans needed to

reflect three lots each consisting of fifty feet of frontage in order to develop the

A-2661-22 5 land in compliance with local ordinances without a need for variances.1

Wilkinson, Glancey, and Edwardi then prepared an exhibit plan detailing 150

feet of frontage to be purchased by Park Road and sixty feet to be retained by

AKGG, thus establishing three lots each consisting of the required fifty feet.

Monzo advised Wilkinson the concept plan was inconsistent with both the

language and AKGG's understanding of the Agreement because the concept plan

would leave the sellers ten feet short of the amount of land contemplated on Lot

9 as detailed in the Agreement. Monzo indicated the subdivision application

would need to contain larger dimensions so AKGG would retain their expected

amount of Lot 9.

Park Road nonetheless submitted its subdivision application to the Sea

Isle City Planning Board without AKGG's consent and with knowledge of

AKGG's opposition to the plan as written. Thereafter, AKGG sent Park Road a

letter dated September 14 indicating AKGG would not provide their signature

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