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WALSAM 316, LLC v. 316 BOWERY REALTY CORP.

Index No. 153318/17. Appeal No. 15114. Case No. 2021-00151.

201 A.D.3d 562 (2022)

162 N.Y.S.3d 318

2022 NY Slip Op 00368

Walsam 316, LLC, et al., Appellants-Respondents, v. 316 Bowery Realty Corp., Respondent, and 4-6 Bleecker Street LLC, Respondent-Appellant, et al., Defendants.

Appellate Division of the Supreme Court of New York, First Department.

Decided January 20, 2022.

Attorney(s) appearing for the Case

Rose & Rose, New York (Paul Coppe of counsel), for appellants-respondents.

Herrick, Feinstein LLP, New York (Sean E. O'Donnell of counsel), for respondent-appellant.

Turek Roth Grossman, New York (Gaddi Goren of counsel), for respondent.

Concur—Kapnick, J.P., Singh, Moulton, Shulman, Higgitt, JJ.

In 2012, Bowery entered into a purchase and sale agreement with Bleecker (the Bleecker PSA), under which Bowery was to convert a building it owned into a condominium consisting of commercial and residential units and sell the residential units to Bleecker. However, the next year, when Bowery failed to complete the conversion, Bowery and Bleecker entered into a 99-year master lease under which Bowery leased the residential units to Bleecker; the lease was to terminate after...

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