Posted on 06/22/2020 3:19:29 AM PDT by C19fan
Italian designer brand Valentino is suing the landlord of its flagship store on New York City's Fifth Avenue, claiming the location is no longer considered prime real estate amid the coronavirus pandemic. The four-story retail experience closed to in-person customers alongside many other non-essential businesses when the state went on lockdown in March. Soon after, it put up boarding to protect the store from looting, but it has since been removed. Data from property brokerage firm Cushman & Wakefield states rents averaged $2,513 per square foot when Valentino's lease began in August 2013.
(Excerpt) Read more at dailymail.co.uk ...
“As long as we save one life...”
Said the FR p**** brigade.
Media Hides This: Look at Riot Aftermath in Chicago, NYC, MN and St. Louis - SHOCKING VIDEO
https://www.youtube.com/watch?v=mb5dkuINS1c&feature=emb_logo
Is it true that some of our elected officials invested heavily in the plywood, nails and hammers industries?
I would guess that a huge percentage of the damage done to the US by the virus and the resulting political idiocy will weigh heaviest on liberal cities. They couldn’t keep their foot off business and people’s necks even when we cried, “I can’t breathe.”
On the other hand, if Trump had kept the country open then he would be held personally responsible for every death even those caused by Cuomo sending sick people into the places where those sick people would infect the most new victims.
I think plenty of evidence exists to never have another lockdown. We probably need to canonize that into law. I would hate to tie the hands of future leaders but that seems the only way to prevent a repeat of this disaster.
$2,513 per square foot. NYC is doomed
The Commie Warren Wilhelm had the police disband their plain clothes anti-crime unit, and right away shootings skyrocketed. So I don’t blame this guy, NYC is on a fast track to 3rd world status. Get out while you can.
I think Valentino is going to be the first of many.
“I think plenty of evidence exists to never have another lockdown.”
That right there is the campaign platform that could win the Republicans back the House, and help them keep the Senate and White House for the next decade at least.
I only wish the party believed in that idea enough to pursue it.
“retail experience”
Oh please. My retail experience consists of going to Murdoch’s Ranch Supply and buying a new pair of Dickies.
There are already a lot of retail vacancies in these cities and it's going to get worse. Kind of hard to sell your customers on something "upscale" when the rioters tell them otherwise.
Worse, these cities are going to raise taxes on those who stay in order to pay for the "social programs" that contribute to the rioters' sense of entitlement to begin with.
New York City is Mogadishu with tall buildings. It’s been this way for a long time.
$2,513 per square foot. NYC is doomed
—
I couldn’t afford a 1 sq foot store! Do you think they have anything more affordable like a half sq foot?
That’s going to leave a mark.
NYC’s homeless get more for nothing!
Keep voting Democrat
These cases will be interesting to watch. From a legal perspective, there may be no grounds for terminating the leases. The lease probably says the landlord must maintain a first-class building and the landlord will say it is doing that. The tenant usually takes the market risk. Some tenants are savvy enough, though, to negotiate a provision in their leases that if they don’t achieve a certain gross revenue over a certain period of time they can terminate. Of course, if the tenants are really smart they will enter into each lease using a newly-formed separate entity with no guarantees. In that case they could just abandon a non-performing location and the landlord could get only whatever remaining assets the tenant entity has. It might have been difficult to get a way with that for a prime location in NYC, though. At the end of the day, it’s a bad situation for both landlords and tenants.
LOL!
My wife has always wanted to visit NYC at Christmas time. So glad we spent a week there last December and didn’t wait until this December. Which we almost did.
Union Square San Francisco same same.
We used to have the highest Sf retail in the country there. Higher than Manhattan.
I do wonder if it will ever come back. It doesn’t seem like it.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.