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Forced to close with the pandemic in 2020, the Valentino shop in Manhattan did not pay rent to the owners of the premises.
Valentino said on Monday it had settled the dispute with the landlord of its former U.S. flagship on Manhattan’s Fifth Avenue, which the Italian fashion company had abandoned due to the pandemic.
In a statement, Valentino said its out-of-court settlement with landlord 693 Fifth Owner LLC included the termination of the 16-year lease, for a space two blocks south of Trump Tower.
Valentino had sought in June 2020 to terminate the lease, saying the pandemic made it impossible to operate the shop “consistent with the reputation of luxury, prestige and high quality” of its neighborhood. After a New York state trial judge then rejected that request, the landlord sued Valentino for $207.1 million, primarily to recover unpaid rent and repair damage to the shop.
Last month, a New York state appeals court agreed that the pandemic did not relieve Valentino of its lease obligations, “even if its ability to provide a luxury experience was made more difficult because the leased premises were not destroyed” . The pandemic depressed sales for Manhattan retailers as many office workers and tourists were no longer visiting the shopping mecca.
Average asking rents in the fourth quarter of 2021 fell 13.5 percent from a year earlier, although leasing activity rose 24.1 percent from the previous quarter, according to commercial real estate firm Jones Lang LaSalle Inc.
Read also > VALENTINO CELEBRATES ITS COLLECTION BY PARTNERING WITH A FRENCH BAKERY… FROM AUSTRALIA !
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Forced to close with the pandemic in 2020, the Valentino shop in Manhattan did not pay rent to the owners of the premises.
Valentino said on Monday it had settled the dispute with the landlord of its former U farmbrazil.com.br.S. flagship on Manhattan’s Fifth Avenue, which the Italian fashion company had abandoned due to the pandemic.
In a statement, Valentino said its out-of-court settlement with landlord 693 Fifth Owner LLC included the termination of the 16-year lease, for a space two blocks south of Trump Tower.
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Forced to close with the pandemic in 2020, the Valentino shop in Manhattan did not pay rent to the owners of the premises.
Valentino said on Monday it had settled the dispute with the landlord of its former U.S. flagship on Manhattan’s Fifth Avenue, which the Italian fashion company had abandoned due to the pandemic.
In a statement, Valentino said its out-of-court settlement with landlord 693 Fifth Owner LLC included the termination of the 16-year lease, for a space two blocks south of Trump Tower.
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