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Property Law Keyed to Singer
Symphony Space, Inc. v. Pergola Properties, Inc.
Citation:
669 N.E.2d 799 (N.Y. 1996)Facts
In 1978, Broadwest Realty Corporation owned three properties on the Broadway block between 94th and 95th Streets. Symphony was a non-profit that leased a theater from Broadwest for shows. In 1978, Symphony purchased an entire commercial building containing the theater from Broadwest. It then leased back the commercial space to Broadwest for $1 per year. As a condition of the sale, Symphony granted Broadwest an option to purchase the entire building. The option agreement allowed Broadwest to repurchase the building any time during the years of 1987, 1993, 1998, and 2003 for predetermined prices. In 1981, Broadwest sold its other two buildings as well as the lease and option to purchase to the defendants. In 1985, defendants Swett and Pergola sought to terminate the lease and exercise the option.
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