SDNY COURTHOUSE, July 9 – The Turkish firm Koleksiyon Mobilya San A.S. leased the ground floor, second floor and basement of 228 East 58th Street and then declined to replace a Letter of Credit. Litigation ensued.
On July 9 U.S. District Court for the Southern District of New York Judge Naomi Reice Buchwald held a proceeding. Inner City Press called in to cover it. Judge Buchwald told Inner City Press, You won't find this one interesting.
But it was.
One issue involved the difference between residential leases, where tenants often forego paying the final month since they know they won't get their security deposit back.
Plaintiff's lawyer told Judge Buchwald this was different, that the Letter of Credit made it more practical for commercial landlords to pursue decamping tenants.
I don't practice commercial real estate law, Judge Buchwald said - contrasting to what Chief Judge Colleen McMahon said in other recent case -- but she listened intently to the brief seminar on the letter of credit.
The case is 228E58STR LLC v. Koleksiyon Mobilya San A.S., 19-cv-7795 (Buchwald)
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