Stormont v. Astoria Ltd.

OPINION

RABINOWITZ, Justice.

In April 1992 Michael Stormont signed a lease and an option to purchase real property, including an eleven-unit apartment complex and house (the property), from Astoria Limited (Astoria). These documents repeatedly reiterate that Stormont accepts the property “as is.” In May, a city inspection determined that the building was a “dangerous and substandard building,” and in June a building inspector sent Stormont notice that the property would have to be vacated and demolished. Stormont sought rescission of the lease and option on the basis of mistake, frustration and…