Toll says it held up its end. After the first closing, the company invested substantial\u00a0additional\u00a0capital developing the property, treating both parcels as a single project to build and sell residential homes and amenities in Putnam County.\u00a0<\/p>\n
Then things fell apart.\u00a0<\/p>\n
The filing alleges that Camarda \u2014 the sole director, officer, and shareholder of Hudson Valley Realty Corp., which is the sole member of Par Four \u2014 began conditioning the second closing on the resolution of his personal financial disputes with Jefferies LLC. Toll says it knew before signing the deal that Camarda had a personal loan from Jefferies, secured by his interests in real estate parcels including the property at issue, and that Jefferies held a mortgage or similar interest on that property. According to the filing, Toll made clear it would only enter the deal if those issues would not affect closing, and Camarda assured Toll they would not.\u00a0<\/p>\n
By October 2025, that assurance had evaporated. The filing quotes Camarda writing to Toll: “At this point I am no longer interested in a\u00a0one off\u00a0partial settlement. After two frustrating years dealing with Jefferies and Mr Handler, I decided in late August to move away as fast as I can from any more dealings with Jefferies.” Richard Handler is\u00a0identified\u00a0in the filing as the CEO of Jefferies, upon the plaintiff’s information and belief.\u00a0<\/p>\n
The sellers did not close on February 13, 2026. Toll sent a default notice demanding a cure within thirty days. The sellers’ counsel acknowledged the missed closing and\u00a0stated\u00a0that closing without an agreement with Richard Handler and Chris Papas \u2014 whom the filing describes as Camarda’s former friends who invested in the seller \u2014 “would render the Seller insolvent.” A closing date of March 16, 2026 \u2014 the final day of the cure period \u2014 was proposed, but the sellers’ counsel\u00a0stated\u00a0that his client would “not sign the closing papers unless it has an agreement in place with its Lenders\/Investors.” The closing never happened.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Toll says it held up its end. After the first closing, the company invested substantial\u00a0additional\u00a0capital developing the property,…\n","protected":false},"author":2,"featured_media":182663,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[16964,73617,9,11,10,73616],"class_list":{"0":"post-182662","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-breach-of-contract","9":"tag-land-deal-dispute","10":"tag-new-york","11":"tag-new-york-headlines","12":"tag-new-york-news","13":"tag-real-estate-lawsuit"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/182662","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=182662"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/182662\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/182663"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=182662"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=182662"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=182662"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}