Legal Opinion
Vermont Teddy Bear Co. v. 538 Madison Realty Co.
Appellate Division of the Supreme Court of the State of New York
Decided June 3, 2003PublishedCited by 2 opinions
1Opinion of the Court
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 Teddy Bear Co., Inc. was the tenant of the building’s first-floor retail space under a 10-year lease agreement dated October 24, 1996. On December…
2Cases cited4 opinions
- Mallad Construction Corp. v. County Federal Savings & Loan Ass'nNew York Court of Appeals · 1973
- Zodiac Enterprises, Inc. v. American Broadcasting Co.Appellate Division of the Supreme Court of the State of New York · 1981
- Zodiac Enters., Inc. v. American Broadcasting Companies, Inc.New York Court of Appeals · 1982
- Rower v. West Chamson Corp.Appellate Division of the Supreme Court of the State of New York · 1994