A recent decision by the Appellate Division, First Department in Bleecker Street Tenants Corp. v. Bleeker Jones LLC1 addressed the issue of whether the Rule against Perpetuities voided the renewal options clause in the parties’ lease or whether the exception to that rule for options appurtenant to a lease was applicable. The Appellate Division decision was written by Justice David B. Saxe, with all the other judges on the panel, i.e., Presiding Judge Luis A. Gonzalez, Justice Angela M. Mazzarelli, Justice Karla Moskowitz and Justice Rosalyn H. Richter concurring. We discuss here the court’s reasoning and the case authority on which it relied.
In Bleecker Street, the plaintiff was the owner of a six-story walk-up that had been converted to cooperative ownership in 1983. Contemporaneously with that conversion, the building’s first-floor commercial space was leased to defendant Bleeker Jones LLC’s predecessor in interest, which was a partnership made up of the same four individuals who made up the sponsor partnership.
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