Courts roundup: Brooklyn movie theater sues to hold lease; 201 East Broadway developer sued

Movie theater sues landlord Madison International to block Brooklyn lease cancellation: United Artists Theater Circuit, which operates movie theaters, is seeking to block landlord Madison International Realty from terminating the lease at 94 Court Street in Brooklyn. On February 3, 2021, Madison, according to the complaint, “issued a Notice of Default and Notice to Cure, with the amount due more than $4.7 million.” The theater claims the Covid restrictions have hampered its business. “United Artists asks this Court to temporarily relieve it of its obligations under the Lease during the time period when United Artists was unable to operate a movie theater due to the government edict and safety concerns caused by the global health pandemic (The landlord has sent a notice to terminate the lease.”The “Lease” refers to the lease dated September 24, 1998, as amended, between Plaintiff’s predecessor-in-interest, Regal Cinemas, Inc., and Defendant’s predecessor-in-interest, FC Court Street Associates, LLC, for the premises described as 94-110 Court Street, Brooklyn.” LINK

Lender claims developer of 201 East Broadway owes $1M: Daniel Wise and Therese Oliva planned to develop 201 East Broadway in Two Bridges in the Lower East Side into condominiums. Wise, according to the complaint, borrowed $1 million as a personal loan for the project on approximately October 2019. According to the complaint, the note matured in January 2021, but the entire debt remained unpaid, so they amended the agreement that $400,000 would be repaid by March 31, 2021. That was not paid, according to the complaint. The debt was not secured by the property. LINK