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JARECKI v. SHUNG MOO LOUIE

95 N.Y.2d 665 (2001)

745 N.E.2d 1006

722 N.Y.S.2d 784

HENRY G. JARECKI, Respondent, v. SHUNG MOO LOUIE et al., Appellants.

Court of Appeals of the State of New York.

Decided February 15, 2001.

Attorney(s) appearing for the Case

Kane Kessler, P. C., New York City (Jeffrey H. Daichman of counsel), for appellants.

Swidler Berlin Shereff Friedman, L. L. P., New York City (Earl H. Nemser and Gary J. Mennitt of counsel), for respondent.

Chief Judge KAYE and Judges SMITH, LEVINE, CIPARICK, ROSENBLATT and GRAFFEO concur.

OPINION OF THE COURT

WESLEY, J.

Defendants Shung Moo Louie and Shung Mon Louie own shares in a cooperative apartment in Manhattan. In 1995, they entered into a three-year sublease agreement with plaintiff Henry Jarecki. The sublease included a rider that, among other things, contained an option to purchase the apartment for $600,000, subject to the approval of the cooperative board.

In February 1998...

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