It is now almost 35 years since the Court of Appeals issued its landmark decision in J.N.A. Realty Corp. v. Cross Bay Chelsea.1 In J.N.A., the state’s high court held that equity will intervene to relieve a tenant who fails to timely exercise a renewal option in a lease, where the tenant’s failure to timely exercise the option is due to “excusable default” and the tenant would suffer a forfeiture if the lease was not renewed.
Just last month, the Court of Appeals had the opportunity to revisit J.N.A. in Baygold Associates, Inc. v. Congregation Yetev Lev of Monsey, __ N.E..2d __ , 2012 N.Y. Slip. Op. 03472 (May 3, 2012). In Baygold, the Court of Appeals was presented with the issue of whether an out-of-possession tenant, which had made its own improvements to the leased premises, was entitled to equitable relief under J.N.A. to relieve the tenant from its inadvertent failure to timely exercise its renewal option. The Court of Appeals held that relief under J.N.A. was not available in these circumstances.
‘J.N.A. Realty Corp.’
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