Graffeo, J.
In June 1995 plaintiffs purchased a residence on 8.71 acres of land located in the Town of Ghent, Columbia County. The contract of sale and the eventual deed included, inter alia, a right of first refusal to purchase an adjoining 5.91 acres of land (hereinafter the option parcel) from defendant, provided that in the event defendant decided to sell the parcel plaintiffs would pay a purchase price of $25,000 within 30 days. The parties further agreed...
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