The Symphony Space, Inc. v. Pergola Properties, Inc.

Broadwest Realty sold its money-losing theater building to Symphony Space (plaintiff) for a below-market $10,010 in 1978, leasing back the non-theater portion for $1/year and separately paying Symphony Space $10 for an option to repurchase the building, exercisable at closings in specified years including as late as 2003 -- 24 years after the deal. Broadwest later transferred its interests, including this option, to Pergola Properties (defendant) and others. When Pergola indicated in 1987 that it intended to exercise the option, Symphony Space sued to have it declared void under New York's rule against remote vesting; the trial court and intermediate appellate court agreed, and the appellate court certified the question to the Court of Appeals.