Bleecker Street Tenants Corp. v. Bleeker Jones LLC

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 cooperative ownership in September 1983. Plaintiff leased the building’s first-floor commercial space to defendant Bleecker Jones Leasing Company, defendant Bleeker Jones LLC’s predecessor in interest.…