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Valentino sued for $ 207 million after closing the Manhattan store



(Reuters) – Valentino SpA was sued on Friday for $ 207.1 million by the landlord of its former US flagship on Manhattan's Fifth Avenue, who said the Italian fashion company had no right to break the agreement and leave the store in default. [19659002] The complaint followed a judge's dismissal of Valentino's own trial on January 27 to annul his 16-year lease because the coronavirus pandemic had made it impossible to run the store, two blocks south of Trump Tower.

According to the landlord, 693 Fifth Owner LLC, Valentino is liable for all rent due by the termination of the lease from July 2029 even though he left the store in December. said the landlord.

Neither Valentino nor its lawyers responded immediately to the request for comment. The lawsuit was filed in Manhattan's Supreme Court, a state court in New York.

Valentino said the pandemic could not run the store "in line with the luxurious, prestigious, high-quality reputation" of

But when he dismissed Valentino's lawsuit, Justice Andrew Borrok of the Manhattan Court said the lease gave the landlord broad protection against rent. .

"The fact that the COVID-1

9 pandemic was not specifically enumerated by parties does not change the outcome," he wrote.

Valentino appeals Justice Borrok's decision.

Manhattan traders have struggled during the pandemic with reduced traffic from tourists and office workers and early forced store closures.

Last month, the New York Real Estate Commission said rents for Manhattan stores fell throughout the borough, including an 8% reduction in the distance including Valentino's store.

"The building owner t worked with Valentino during the pandemic with the understanding that these are difficult times," says the landlord's lawyer Robert Cyruli. "We look forward to presenting our claim for damages in court."

More insurance and risk management news about the coronavirus crisis here .

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