Valentino owes $ 207M to break NYC lease, damage to space: suit

Fashion brand Valentino owns its former landlords for more than $ 207 million to break its Fifth Avenue lease nearly a decade ago and is leaving space to move out of its way, the new court papers allege.

The design house lost a court bid last month to break its lease with its Manhattan landlord, 693 Fifth Owner LLC, by the end of 2020 – citing problems caused by the coronavirus epidemic. The rental contract was supposed to last until 2029.

Now 693 Fifth alleged that Valentino – who was renting the four floors of the building – used the epidemic as an excuse to try to break his lease. The landlord claims that the fashion brand was indeed already suffering from Valentino’s House Kovid-19 epidemic, according to a Manhattan Supreme Court lawsuit on Friday to alleviate market difficulties.

Valentino Store
Valentino slowly colored the floor as he stepped out.
Courtesy of the building owner

Meanwhile, Valentino has already signed a new lease for the Manhattan space at 135 Spring St., court documents claim.

The landlord highlighted in the new filing that Justice Andrew Bj√∂rk tossed Valentino’s lawsuit on January 27, finding that “any judgment of the landlord allegedly does not require this decision.”

Valentino has appealed the ruling.

The Italian luxury retail and design company Fifth Avenue Building moved out December 31 – leaving large losses out of its way, the court added documents.

Valentino activists removed Venera Terrezzo marble panels with Carrera chipping that are all over the space by painting over them and leaving a “sizable hole” in them, the court alleged.

Valentino Store
The store was left with holes visible in the walls – and the landlord is not happy.
Courtesy of the building owner

Photographs obtained by The Post show white paint on floors and walls all over the place and are so damaged by holes in the sides of the stairs that it falls on the stairs.

The landlord claims Valentino made $ 15.3 million in damages and lost rent during repairs, $ 6.6 million for not paying rent through February to September and another to cover the lease term $ 184 million, court papers say. The landlord is also seeking legacy fees to fight Valentino’s lawsuit.

Lawyers representing Valentino in his lawsuit did not immediately return a request for comment.

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