The NBA has been slapped with a $1.25 million lawsuit for allegedly failing to pay rent for its famous New York City store on Fifth Avenue in Manhattan for the months of April and May.
The landlord, 535-545 Fee LLC, claims in court papers that NBA Media Ventures LLC missed two monthly rent payments of $625,000 and now owes $1,257,412.96, according to the lawsuit, which was filed Tuesday in federal court in Manhattan. In addition to the two payments of $625,000, the lawsuit also calls for the association to pay metered water charges of $349.91, metered steam charges of $3,839.64, and late interest charges of $3,223.41.
An NBA spokesperson said the store had no choice but to close as a result of the novel coronavirus pandemic. “Under those circumstances, we don’t believe these claims have any merit,” spokesperson Mike Bass said. “We have attempted, and will continue to attempt, to work directly with our landlord to resolve this matter in a manner that is fair to all parties.”
The NBA has leased space from the ground floor and lower level, as well as the entire second floor of the building, since 2014, the suit states. In addition to the overdue payments, the lawsuit is seeking at least $20,000 to go toward attorney fees.
So now a court will decide whether the NBA’s lease agreement must still be honored post-pandemic—and it’s a question that will be coming up more as we navigate through 2020. Legal disputes like this one are EVERYWHERE. And when they negatively affect YOU and YOUR business, including contract issues, landlord/tenant matters, nuisance ADA claims, unlawful detainer matters and even collections, call in the good guy business litigator, Dean Sperling, who will resolve YOUR matter with YOUR best interests in mind!
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