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BRELAS ASSOCS. v. RILEY

158 A.D.2d 302 (1990)

Brelas Associates et al., Respondents, v. Allan J. Riley, Appellant

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

February 6, 1990

Plaintiffs are the net lease tenant, under a long-term lease, of commercial property in midtown Manhattan. Defendant purchased the property in December 1980 and sold it five years later at a substantial profit. The day after he purchased the property, defendant defaulted on the mortgage. Plaintiffs' lease gave them an option, in this situation, of paying the mortgage obligation and charging the payments back to the landlord, ultimately...

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