X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

17-057/058. NRP LLC I, pet-land-appcross-res, v. ELO MANAGEMENT LLC, res-tent -AND-IDEAL ENTERTAINMENT, INC. D/B/A IDEAL ENTERTAINMENT GROUP, ET AL., res-und-res -ANDDUKE’S PLACE, LLC D/B/A DUKE’S PLACE, ET AL., res-und -AND-JAY JAY CABARET, INC., D/B/A JAY JAY CABARET A/D/B/A FLASH DANCERS WORLDWIDE ENTERTAINMENT, INC. A/K/A WORLDWIDE ENTERTAINMENT ENTERPRISES, INC., res-und-res-cross-app — Order (Anthony Cannataro, J.), entered August 31, 2016, modified to deny respondents-undertenants’ cross motions, reinstate the petition and grant petitioner-landlord’s motion for summary judgment of possession as against all respondents-undertenants; as modified, order affirmed, with $10 costs. Execution of the warrant of eviction shall be stayed for 30 days from service of a copy of this order with notice of entry.

Pursuant to the terms of a December 1979 commercial lease agreement, respondent-tenant Elo Management LLC (Elo) became the net lessee of the building located at 1674 Broadway in Manhattan. The lease contained a mechanism, including arbitration, to set the rent of the net lessee after the initial 35-year term. Following an arbitration award that was confirmed by Supreme Court, Elo’s yearly rent was increased from $241,999 to $3.15 million, commencing December 20, 2014. As a result, Elo was now obligated to pay landlord rent in an amount far greater than the amount of rent Elo collected from its subtenants.

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

More From ALM

With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
September 05, 2024
New York, NY

The New York Law Journal honors attorneys and judges who have made a remarkable difference in the legal profession in New York.


Learn More
July 11, 2024
New York, NY

The National Law Journal Elite Trial Lawyers recognizes U.S.-based law firms performing exemplary work on behalf of plaintiffs.


Learn More
July 22, 2024 - July 24, 2024
Lake Tahoe, CA

GlobeSt. Women of Influence Conference celebrates the women who drive the commercial real estate industry forward.


Learn More

Skolnick Legal Group, P.C., a construction and commercial litigation firm with offices in New Jersey and New York is seeking a Litigation As...


Apply Now ›

Cullen and Dykman is seeking an associate attorney with a minimum of 5+ years in insurance coverage experience as well as risk transfer and ...


Apply Now ›

McCarter & English, LLP is actively seeking a midlevel insurance coverage associate for its Newark, NJ and/or Philadelphia, PA offices. ...


Apply Now ›
06/27/2024
The American Lawyer

Professional Announcement


View Announcement ›
06/21/2024
Daily Business Review

Full Page Announcement


View Announcement ›
06/14/2024
New Jersey Law Journal

Professional Announcement


View Announcement ›