GIBRALTAR REALTY INVESTORS LTD. v. SHULEN REALTY CORP.


156 A.D.2d 260 (1989)

Gibraltar Realty Investors Ltd., Plaintiff, v. Shulen Realty Corp., Defendant R & R House of Lites, Inc., Appellant, v. Shulen Realty Corp., Respondent

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

December 19, 1989


In the absence of a clear delineation of separable personal property, the option to purchase under a first right of refusal should match the total bid by the prospective purchaser. The holder of the option has not identified any personal property other than fixtures which could not be removed except at great expense to defendant. The option clause will not be construed in a manner which will force the property owner to sell its property at less than fair market value. For...

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