News: Brokerage

Rosenberg & Estis, P.C. represents Kate Spade

New York, NY Rosenberg & Estis, P.C. represented Kate Spade & Co., LLC in a nonpayment proceeding against a commercial subtenant to recover the Fourth Floor of 1440 Broadway in Times Sq. Joshua Kopelowitz, member, and Kristen Campos, associate, of Rosenberg & Estis, P.C. represented Kate Spade.

On January 28, 2019, honorable Dakota Ramseur of the Civil Court of the City of New York issued a decision granting Kate Spade summary judgment and dismissing subtenant’s defenses and counterclaim in full. In its nonpayment proceeding, Kate Spade sought a judgment of possession, rent arrears in the sum of $850,600.47 and legal fees. Subtenant moved to dismiss the proceeding predicated upon the claim that the sublease was not effective or, in the alternative, that the sublease was terminated according to its terms.  Subtenant argued that the sublease was not effective or terminated because Kate Spade did not approve certain contractors which subtenant sought to employ for its build-out of the premises. 

R&E, on behalf of Kate Spade, cross-moved for summary judgment and successfully argued for the dismissal of subtenant’s affirmative defenses and counterclaim based upon the plain language of the sublease and overlease. In addition, R&E argued that Kate Spade should be granted all the relief sought in the proceeding.  

Court adopted R&E’s arguments in full and granted Kate Spade a judgment of possession, all rent and additional rent arrears sought in the sum of $850,600.47, plus interest in the sum of $18,456.87 from November 8, 2018, for a total judgment of $869,057.34. Court also set the matter down for an attorneys’ fee hearing for Kate Spade to recover fees from subtenant. 

“We are pleased the Court understood the facts and the law and correctly awarded our client a complete and total victory,” Kopelowitz said.

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced