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Landlord & Tenant
Stipulation of Settlement Did Not Constitute Voluntary Surrender
NRP LLC I v. Elo Management LLC
NYLJ 7/10/17, p. 18, col. 1
AppTerm, First Dept.
(memorandum opinion)
In commercial landlord's nonpayment proceeding, landlord appealed from Civil Court's dismissal of the petition against subtenants. The Appellate Term modified to reinstate the petition and grant summary judgment to landlord, holding that the stipulation of settlement between landlord and main tenant did not constitute a voluntary surrender that would permit the subtenants to remain in possession.
In 1979, landlord and main tenant entered into a net lease for the building at 1674 Broadway in Manhattan. The lease provided for arbitration as a mechanism for setting the rent at the expiration of the initial 35-year term. As a result of an arbitration award, confirmed by Supreme Court, tenant's yearly rent increased from $241,999 to $3.15 million. At the new rent, tenant would have been obligated to pay landlord more than tenant was collecting from its subtenants. When tenant could not pay, landlord served tenant with a 10-day notice specifying rent arrears of $2.7 million, and commenced this nonpayment proceeding, naming tenant and all of tenant's subtenants.
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