Valentino sued for $ 207 million for pandemic closure of his New York store

NEW YORK – Valentino SpA was sued on Friday for $ 207.1 million by the owner of its former US flagship on Fifth Avenue in Manhattan, who said the Italian fashion company was not allowed to break its lease and leave the store in disrepair.

The lawsuit follows a judge’s rejection on Jan. 27 of Valentino’s lawsuit to cancel his 16-year lease because the coronavirus pandemic made it impossible to operate the store, two blocks south of Trump Tower.

AMAZON, PARTNER OF VALENTINO FOR COUNTERFEITING

According to the owner, 693 Fifth Owner LLC, Valentino owes all of the rent owed when the lease expires in July 2029 despite the store being abandoned in December.

Valentino also has to pay $ 12.9 million to repair damage to the store, including the now degraded Venetian Terrazzo marble panels with paint and holes, the owner said.

Neither Valentino nor his lawyers immediately responded to requests for comment. The lawsuit was filed in the Manhattan Supreme Court, a court in the state of New York.

In seeking to end his lease, Valentino said the pandemic has prevented him from operating the store “in keeping with his neighborhood’s reputation for luxury, glamor and high quality”.

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But in dismissing Valentino’s lawsuit, Manhattan court judge Andrew Borrok said the lease gave the landlord broad protections against non-payment of rent.

“The fact that the COVID 19 pandemic was not specifically identified by the parties does not change the result,” he wrote.

Valentino is appealing Borrok’s decision.

Manhattan retailers struggled during the pandemic with reduced tourist and office worker traffic and early forced store closings.

Last month, the New York Real Estate Board said sought-after rents for Manhattan retail space fell across the borough, including an 8% drop in the stretch, including the Valentino store.

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“The owner of the building tried to work with Valentino during the pandemic knowing these are difficult times,” said owner’s lawyer Robert Cyruli. “We look forward to bringing our claim for damages in court.”