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16-452. E & A HOLDINGS, INC., petres v. JEROME AVENUE CAR WASH AND LUBE, INC., res-app, -and- “XYZ CORP.,” “JOHN DOE” AND “JANE DOE,” res — Order (Donald A. Miles, J.), entered March 9, 2016, reversed, with $10 costs, respondent’s motion to dismiss the petition granted and petitioner’s cross motion for summary judgment of possession denied.

Petitioner operated a car wash/automobile lube business in commercial space demised in two separate lease agreements that petitioner, as tenant, entered into with the nonparty landlord. In August 2008, petitioner sold the business to respondent for $2,200,000, and respondent executed a promissory note for payment of part of the purchase price. The purchase and sale agreement required petitioner to deliver assignments of the underlying commercial leases to respondent at closing. However, to secure payment of the note, respondent executed reassignments of the leases (back to petitioner), and placed in escrow the leases, assignments and reassignments until the note was paid.

 
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