The tortured history of the attempt by a Bleecker Street co-op to kick out a long term commercial tenant took perhaps it final turn today. The highest Court in New York State sided with the tenant and the initial ruling in the case. See my blog posts of September 29, 2008 and January 21, 2010 for prior description of the dispute. The Court neatly summarized the holding: “The appeal before this Court presents the novel question whether options to renew a commercial lease are subject to EPTL 9-1.1 (b), New York’s rule against perpetuities. We hold that the rule against perpetuities does not apply to options to renew leases.”
PartnerTom represents owners, operators and developers in the acquisition, financing, development, ground leasing, and sale of significant properties. His experience includes office towers, commercial condominiums, industrial ...