| As Turkish Firm Reneges on
Lease on 58 Street SDNY Judge Buchwald
Inquires Into Security
By Matthew
Russell Lee, Patreon
BBC
- Guardian
UK - Honduras
- The
Source
SDNY COURTHOUSE,
July 9 – The Turkish firm
Koleksiyon Mobilya San A.S.
leased the ground floor,
second floor and basement of
228 East 58th Street and then
declined to replace a Letter
of Credit. Litigation
ensued.
On July 9 U.S.
District Court for the
Southern District of New York
Judge Naomi Reice Buchwald
held a proceeding. Inner City
Press called in to cover it.
Judge Buchwald told Inner City
Press, You won't find this one
interesting.
But it
was.
One issue
involved the difference
between residential leases,
where tenants often forego
paying the final month since
they know they won't get their
security deposit back.
Plaintiff's
lawyer told Judge Buchwald
this was different, that the
Letter of Credit made it more
practical for commercial
landlords to pursue decamping
tenants.
I don't
practice commercial real
estate law, Judge Buchwald
said - contrasting to what
Chief Judge Colleen McMahon
said in other recent case --
but she listened intently to
the brief seminar on the
letter of credit.
The case is
228E58STR LLC v. Koleksiyon
Mobilya San A.S., 19-cv-7795
(Buchwald)
***
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