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Vornado sues Planet Hollywood

1540 Broadway (Credit: Vornado Realty Trust)

Vornado Realty Trust has filed a lawsuit against Planet Hollywood for $5.5 million in missed rent at its Times Square location at 1540 Broadway, according to Crain’s New York. The famed restaurant chain’s money problems date back to December 2018, and the situation has only gotten worse after the pandemic hit.

  • Dig Deeper: The restaurant chain agreed to a 10-year lease at the Broadway location in 2012, giving the restaurant about 32,000 SF of space inside the building. Vornado argues that Planet Hollywood has spent years failing to pay for its lease, and is therefore forcing the the termination of the lease. 
  • Larger problem: The REIT has recently sued multiple tenants over unpaid rent including the eatery Dig at 11 Penn Plaza for about $87,000 and the retailer U.S. Polo, also at 1540 Broadway, for $1.2 million. Vornado will release its third-quarter earnings report today. [Crain’s+TRD]

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