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7 DOYER ST. RLTY. v. GREAT CATHAY DEV.

43 A.D.2d 476 (1974)

7 Doyer Street Realty Corporation, Respondent, v. Great Cathay Development Corporation, Appellant, et al., Defendants

Appellate Division of the Supreme Court of the State of New York, First Department.

February 25, 1974.

Attorney(s) appearing for the Case

Harris Birnbaum, attorney (Richard S. Birnbaum with him on the brief), for appellant.

William I. Weiss for respondent.

KUPFERMAN, J. P., MURPHY, TILZER and CAPOZZOLI, JJ., concur.

LANE, J.

The Great Cathay Development Corporation (Cathay) was about to purchase a building in Chatham Square. In 1968, 7 Doyer Street Realty Corp. (Doyer), in anticipation of its prospective tenancy in that building, entered into a lease agreement with Cathay and in accordance with the lease provisions deposited $28,500 with Cathay.

Clause 49 of the lease specifically provided that, in the event Cathay...

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