While calling the real estate management and development company's case against longtime tenant Bank of America "audacious," a New York Civil Court judge has ruled that the landlord, Solow Building Co., can ask BoA to leave.
Judge Joan M. Kenney's ruling was based on a lawsuit that Solow has brought against longtime nemesis BoA, the New York Post reports.
The Manhattan real estate giant and the nation's No. 3 bank have repeatedly battled it out in court over renovations, electricity costs and other landlord/tenant-related disputes.
This time, Solow argued, it should have the right to evict Bank of America, should its former broker Ted Sihpol be found guilty of securities fraud. Solow owns the famous building in question, 9 West 57, where Bank of America is one of the anchor tenants, as well as a number of other landmark and architecturally renowned buildings that dot the New York skyline.
Solow based its case on a law that gives real estate owners the right to evict drug dealers and prostitutes. Judge Kenney has stayed the case until the Sihpol trial is over. The Sihpol trial, being tried in Federal court by a jury, is expected to be over by mid-June.
New York Law Journal first broke the story on the Solow lawsuit on Monday, The Post noted.
The staff of Money Management Executive ("MME") has prepared these capsule summaries based on reports published by the news sources to which they are attributed. Those news sources are not associated with MME, and have not prepared, sponsored, endorsed, or approved these summaries.