The Real Deal New York

Chetrit sues Solil to keep ground lease at 500 Seventh Avenue

Developer claims it is addressing violations

March 30, 2015 02:25PM

From left: 500 Seventh Avenue and 512 Seventh Avenue in Midtown

From left: 500 Seventh Avenue and 512 Seventh Avenue in Midtown

Joseph Chetrit’s Chetrit Group filed suit against Solil Management last week, asking for more time to address its concerns before being booted off of a ground lease at 500 Seventh Avenue.

Solil Management, which manages the real estate holdings of the late Sol Goldman, is the owner of the land under Chetrit’s 500 Seventh Avenue, 512 Seventh Avenue and 228 West 38th Street. Chetrit operates three buildings at those addresses, totaling 1.6 million square feet, according to the New York Daily News.

Solil apparently gave Chetrit until March 31 to address lease violations including non-payment of contractors and Department of Building infractions issued over elevator inspections and work on the building’s facade. In its suit, Chetrit seeks a temporary restraining order against Solil’s eviction efforts, and explains that it is in the process of addressing the concerns, but needs more time.

500 Seventh Avenue is home to Touro College, which occupies 57,000 square feet and is in talks to expand to roughly 300,000 square feet, as The Real Deal reported. [NYDN] — Tess Hofmann

MENU