Plaintiffs' action is based on defendants' alleged oral promise that, in the event of a default by the new tenant, who was plaintiffs' assignee and the purchaser of its long-established business on the premises, plaintiffs could reenter the premises and complete the term of the parties' recently executed 10-year lease. Such a promise is unenforceable under the Statute of Frauds (General Obligations Law § 5-703 [2]) since it involves the leasing of real property for a...
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