New York Court of Appeals May 3, 2012 (Baygold Associates, Inc. v. Congregation Yetev Lev of Monsey, Inc.)

OPINION OF THE COURT

Pigott, J.

In J. N. A. Realty Corp. v Cross Bay Chelsea, we held that equity will intervene to relieve a commercial tenant’s failure to timely exercise an option to renew a lease where (1) such failure was the result of “inadvertence,” “negligence” or “honest mistake”; (2) the nonrenewal would result in a “forfeiture” by the tenant; and (3) the landlord would not be