We are still in the first inning of battles between landlords and retail tenants. Unfortunately, there will be many more ahead.
- Landlord Charles Cohen is suing Saks & Company LLC for what he claims is $1.9 million in skipped rent for space for its Saks OFF 5th division at Cohen’s luxury mixed-use tower at 135 East 57th Street in Midtown Manhattan. The lawsuit filed July 10 in New York Supreme Court cites the 15-year lease that includes a ground-floor entry, plus two entire lower levels, and runs through Jan. 31, 2032. According to court documents, the minimum rent is $5.3 million per month for the first five years, rises to $5.7 million for the next five, and to $6.1 million for the final five-year period. (CO)
- Vornado Realty Trust has filed a lawsuit in New York Supreme Court this week alleging Elie Tahari breached its lease by vacating its “commercial space” at 510 Fifth Avenue in July. The REIT is seeking to collect $14.8 million in future rent payments – the lease expires in December 2025… Vornado is also seeking to collect $586,601 in unpaid rent. (TRD)