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VT TEDDY BEAR v. 538 MADISON

308 A.D.2d 33 (2003)

761 N.Y.S.2d 620

VERMONT TEDDY BEAR CO., INC., Respondent, v. 538 MADISON REALTY COMPANY, Appellant.

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

June 3, 2003.

Attorney(s) appearing for the Case

Andrew B. Messite of counsel (Reed Smith LLP, attorneys), for respondent.

James W. Perkins and Jay Goldberg of counsel (Greenberg Traurig LLP and Jay Goldberg, P.C., attorneys), for appellant.

BUCKLEY, P.J., and ROSENBERGER, J., concur with SAXE, J.; LERNER and GONZALEZ, JJ., dissent in a separate opinion by GONZALEZ, J.

OPINION OF THE COURT

SAXE, J.

The central issue on this appeal is the correct construction of the parties' commercial lease regarding their respective rights and obligations after a substantial casualty rendered the leased premises unusable. Its resolution requires consideration of competing rules of contract construction.

Defendant 538 Madison Realty Company owns the five-story building located at 538 Madison Avenue in midtown Manhattan. The Vermont...

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