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WATER ST. DEV. CORP. v. CITY OF NEW YORK

220 A.D.2d 289 (1995)

632 N.Y.S.2d 544

Water Street Development Corp. et al., Respondents-Appellants, v. City of New York et al., Appellants-Respondents

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

October 17, 1995

The IAS Court erred when it concluded that the underlying municipal contract was "illusory" because it lacked mutuality of obligation due to the City of New York's cancellation option. As we recently stated in L.J.B. Corp. v City of New York (182 A.D.2d 485, 487, lv denied 80 N.Y.2d 755), "[t]he municipality's reservation of an option to cancel a sale prior to closing has been upheld...

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