Hugh A. McGuire, T/a McGuire Associates, Plaintiff-Respondent and Cross-Appellant v. City of Jersey City…

Summary

The Supreme Court of New Jersey affirmed that the City was liable for breaching a twenty‑year lease, held that the lessor must mitigate damages and that the sale of the property constituted mitigation, rejected recovery of speculative investment tax credits, and declined to award attorneys’ fees because the lease provision applied only to reletting costs. The case was remanded for a revised damages determination consistent with these holdings.