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SYMPHONY SPACE v. PERGOLA

88 N.Y.2d 466 (1996)

669 N.E.2d 799

646 N.Y.S.2d 641

The Symphony Space, Inc., Respondent, v. Pergola Properties, Inc., et al., Appellants.

Court of Appeals of the State of New York.

Decided June 13, 1996.

Attorney(s) appearing for the Case

Stroock & Stroock & Lavan, New York City (Charles G. Moerdler, Burton N. Lipshie, Kenneth Pasquale and Karen Leo of counsel), for Pergola Properties, Inc., and another, appellants.

Nathan M. Ferst, New York City, for Casandium Ltd. and another, appellants.

Carter, Ledyard & Milburn, New York City (Jean M. McCarroll and Joanna G. Blattberg of counsel), for respondent.

Judges SIMONS, TITONE, BELLACOSA, SMITH, LEVINE and CIPARICK concur.

Chief Judge KAYE.

This case presents the novel question whether options to purchase commercial property are exempt from the prohibition against remote vesting embodied in New York's Rule against Perpetuities (EPTL 9-1.1 [b]). Because an exception for commercial options finds no support in our law, we decline to exempt all commercial option agreements from the statutory Rule against Perpetuities.

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