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NEW YORK – Valentino SpA was sued on Friday for $ 207.1 million by the lessor of its former US flagship in Fifth Avenue in Manhattan, who said the Italian fashion industry did not have the right to break its lease and expire the store. do not leave.
The complaint followed the dismissal of a judge on January 27 of Valentino’s own lawsuit that sought to annul the 16-year lease because the coronavirus pandemic made the store, two blocks south of Trump Tower, impossible.
AMAZON, VALENTINO PREPARATION PARTNERSHIP
According to the landlord, 693 Fifth Owner LLC, Valentino owes all rent through the July 2029 lease expiring despite leaving the store in December.
Valentino must also pay $ 12.9 million to repair damage to the store, including Venetian Terrazzo marble panels now contaminated with paint and holes, the landlord said.
Neither Valentino nor his lawyers responded immediately to requests for comment. The case was filed in the Supreme Court in Manhattan, a state court in New York.
In an effort to end his lease, Valentino said the pandemic would not allow him to operate the store “in line with the luxurious, prestigious, high-quality reputation” in his area.
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However, Judge Andrew Borrok of the Manhattan Court ruled that the lease did not provide a broad protection against the lease to the landlord.
“The fact that the COVID 19 pandemic was not specifically summarized by the parties does not change the outcome,” he wrote.
Valentino appeals to Borrok’s decision.
Retailers in Manhattan struggled during the pandemic with less traffic from tourists and office workers, and early emergency store closures.
Last month, the New York real estate board said rents sought for shopping centers in Manhattan were falling throughout the city, including an 8% drop in the piece, including the Valentino store.
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“During the pandemic, the homeowner tried to work with Valentino with the understanding that these are difficult times,” said the landlord’s attorney Robert Cyruli. “We look forward to presenting our case for damages in court.”