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BLEECKER ST. TENANTS CORP. v. BLEEKER JONES LLC

No. 12.

16 N.Y.3d 272 (2011)

BLEECKER STREET TENANTS CORP., Respondent, v. BLEEKER JONES LLC et al., Appellants, et al., Defendants.

Court of Appeals of New York.

Decided February 24, 2011.

Attorney(s) appearing for the Case

Kramer Levin Naftalis & Frankel LLP, New York City ( Jeffrey L. Braun and Julie M. Weiswasser of counsel), for appellants.

Genoa & Associates, P.C., Old Brookville ( Marilyn K. Genoa of counsel), for respondent.

Chief Judge LIPPMAN and Judges CIPARICK, SMITH and PIGOTT concur with Judge JONES; Judge READ concurs in result in a separate opinion; Judge GRAFFEO dissents and votes to affirm in another opinion.

OPINION OF THE COURT

JONES, J.

The appeal before this Court presents the novel question whether options to renew a commercial lease are subject to EPTL 9-1.1 (b), New York's rule against perpetuities. We hold that the rule against perpetuities does not apply to options to renew leases.

Plaintiff Bleecker Street Tenants Corp. is owner of a six-story walkup on Bleecker Street, which was converted to...

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