In Penthouse Properties v. 1158 Fifth Ave. (256 App. Div. 685) the Appellate Division in this department upheld the validity of a restriction requiring the consent of the board of directors to the transfer of stock and a proprietary lease, in the case of a co-operative apartment house. The court pointed out that the law was well settled that a landlord could validly prohibit a transfer by a tenant of his lease, except with...
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