New York-based 693 Fifth Owner has sued Italian luxury retailer Valentino for breaking its Fifth Avenue lease early.
The lease ended because of the coronavirus pandemic.
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As per the 693 Fifth filing in Manhattan Supreme Court, Valentino owes $15.3m for the damage and lost rent during repairs, $6.6m for not paying rent from September through February.
Additionally, it owes another $184m to cover all rent, as well as the legal fees for the suit.
The lawsuit filing also revealed that Valentino used the pandemic as a reason and attempted “to mitigate market difficulties the House of Valentino suffered since well before the Covid-19 pandemic”.
Additionally, the court documents claimed that Valentino, which previously rented four floors of the building, already signed a new lease at 135 Spring St.
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By GlobalDataIn June, the Italian luxury brand asked courts to immediately terminate its lease for its four-story Valentino Fifth Avenue New York Boutique, two blocks south of Trump Tower.
However, Valentino’s own lawsuit to void its 16-year lease due to the pandemic was dismissed on 27 January.
Reuters quoted Manhattan court Justice Andrew Borrok as saying: “The fact that the Covid-19 pandemic was not specifically enumerated by the parties does not change the result.”
