X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

OPINION AND ORDER This action was commenced on June 19, 2018, by the filing of a summons in New York Supreme Court by Plaintiff 47 E. 34th Street (NY), L.P. (“47 E. 34th St.” or “Plaintiff”). It was removed to this Court, pursuant to 28 U.S.C. §1452(a) and 28 U.S.C. §1334 on November 25, 2020 by the only remaining Defendants in the action, Domus BWW Funding, LLC (“Domus Funding”) and Versa Capital management, LLC (“Versa”) (together, “Defendants”). Before the Court is Plaintiff’s motion to remand the action to state court. Dkt. No. 18. For the following reasons, the motion is granted. BACKGROUND As discussed herein, the parties dispute precisely whence this action arises and to what it relates. It is undisputed that the parties’ relationship traces back, ultimately, to a 2012 lease (the “Lease”) between Plaintiff and non-party debtor BridgeStreet Corporate Housing, LLC (“BridgeStreet Corporate Housing”). See Dkt. No. 20-1. The Lease was guaranteed by BridgeStreet Corporate Housing’s then parent company, BridgeStreet Worldwide, Inc. (“BWW”). See Dkt. No. 1 (“Notice of Removal”) 7; Dkt. No. 20-7 (“FAC”)

26-34; Dkt. No. 20-4 at 13-18 (“Guaranty”). In particular, BWW “unconditionally and irrevocably…guarantee[d] that all sums stated in the Lease to be payable by [BridgeStreet Corporate Housing]…will be promptly paid in full when due,” including costs “arising out of any failure by [BridgeStreet Corporate Housing] to pay or perform any of its obligations under the Lease.” Guaranty 1. The obligations established by the Guaranty Agreement could not be “waived, released, discharged or impaired” by reason of, among other things, “(i) any failure, omission or delay on the part of 47 [E. 34th St.] in exercising its rights under the Lease or the Guaranty, (ii) the dissolution, sale of all or substantially all of the assets, assignment for the benefit of creditors, reorganization, merger, arrangement, winding up or other similar proceeding affecting the Guarantor or any of its assets; and/or (iii) the expiration of the Term of the Lease.” FAC 28; see Guaranty 2. The Guaranty further states that it is “a continuing guaranty of payment of performance, and not of collection,” “[t]he liabilities and obligations of [BWW]…are primary and enforceable either before, simultaneously or after proceeding against [BridgeStreet Corporate Housing],” and that the Guaranty is binding on the successors and assigns of BWW. Guaranty

 
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
November 27, 2024
London

Celebrating achievement, excellence, and innovation in the legal profession in the UK.


Learn More
December 02, 2024 - December 03, 2024
Scottsdale, AZ

Join the industry's top owners, investors, developers, brokers and financiers for the real estate healthcare event of the year!


Learn More
December 11, 2024
Las Vegas, NV

This event shines a spotlight on how individuals and firms are changing the investment advisory industry where it matters most.


Learn More

INTELLECTUAL PROPERTY PROSECUTION PARALEGAL - NEW JERSEY OR NEW YORK OFFICESProminent mid-Atlantic law firm with multiple regional office lo...


Apply Now ›

Experienced Insurance Defense Attorney.No in office requirement.Send resume to:


Apply Now ›

The Republic of Palau Judiciary is seeking applicants for one Associate Justice position who will be assigned to the Appellate Division of ...


Apply Now ›