F&T Management & Parking Corp. v. Flushing Supply Co., Inc., 68 A.D. 3d, 920, 893 N.Y.S. 2d. 66
In this case, MHH&H represented a plaintiff which held a purchase option on several parcels of property which were subject to a ground lease which contained a right of first refusal in favor of the tenant. The parcels were sold to third parties, which sales were subject to both the plaintiff’s option and the tenant’s ground lease. The tenant did not exercise its right of first refusal at the time of those sales. Subsequent to the sales, the plaintiff commenced this action alleging, among other things, that because the tenant failed to exercise its right of first refusal at the time of the sales, the right of first refusal was extinguished. On the tenant’s motion for summary judgment at the trial court level, plaintiff’s claim was dismissed and the plaintiff appealed. On appeal, MHH&H was successful in having the dismissal of that claim reversed and summary judgment granted in favor of its client, declaring that the tenant’s right of first refusal had been extinguished, thereby greatly increasing the value of our client’s option.