Ordered that the order is affirmed, with costs.
The purchase offer signed by the parties failed to satisfy the requirements of the Statute of Frauds (General Obligations Law § 5-703) since it did not adequately identify the property in question, its purchase price, the commencement date of the balloon mortgage or the terms of the planning board approval listed as a condition of the sale. Moreover, the purchase offer contained a provision wherein the parties specifically agreed that it was subject to the preparation and execution of a more formal contract.
Because material terms of the offer were omitted or were left for future negotiations and because the parties specifically noted that a more formal contract was to follow, the purchase offer failed to satisfy the requirements of the Statute of Frauds (see, Willmott v. Giarraputo, 5 N.Y.2d 250; Tamir v. Greenberg, 119 A.D.2d 665, lv denied 68 N.Y.2d 607; Sheehan v. Culotta, 99 A.D.2d 544; Read v. Henzel, 67 A.D.2d 186). Mollen, P.J., Brown, Weinstein and Rubin, JJ., concur.