The homeowners of the famed Zabar’s connoisseur meals retailer have left a bitter style with one developer, who’s suing the household over an Upper West Side property.
Friedland Properties filed a lawsuit towards the proprietor of Zabar’s on Tuesday, the Commercial Observer reported. The lawsuit stems from a dispute over the way forward for 2231 Broadway, a five-story property throughout the road from the connoisseur emporium.
The companions bought the property collectively as tenants-in-common in 1986 for $583,000.
The Zabars and Friedland each personal a 50 p.c stake within the multifamily constructing. Friedland is able to redevelop the property, however claims within the go well with Zabar’s vp Stanley Zabar “steadfastly refused to engage in meaningful discussions.”
The court docket submitting claimed the Zabars had been being “commercially unreasonable” in refusing to interact in redevelopment discussions. Friedland is seeking to terminate the joint possession construction of the constructing.
Friedland isn’t seeking to take the property for itself, although. In the lawsuit, it asks the decide to pressure a sale of the constructing. A partitioning of the property is one widespread decision to all these disputes, however Friedland mentioned such an motion would hurt the property worth.
Friedland and the Zabars in December entered into contract to purchase the air rights above the positioning from the First Baptist Church within the City of New York, PincusCo reported.
None of the related events commented to the Observer in regards to the lawsuit.
Friedland’s curiosity within the redevelopment of the Upper West Side web site possible stems from a current success for the developer within the space. Several years in the past, Friedland redeveloped 222 West eightieth Street, reworking it right into a 19-story, 72-unit rental tower. The constructing was 30 p.c leased earlier than it even opened, commanding rents as excessive as $25,000 per thirty days.
[CO] — Holden Walter-Warner
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Source: countryask.com