The Real Deal New York

‘Til death do them part: Vera Wang, Premier Equities reach deal on Soho retail condo

Landlord agrees to withdraw lease termination, default notices

September 14, 2015 04:50PM
By Rey Mashayekhi

From left: Vera Wang and 158 Mercer Street

From left: Vera Wang and 158 Mercer Street

Looks like they weren’t irreconcilable differences.

Vera Wang and Premier Equities appear on the verge of resolving their dispute over 158 Mercer Street in Soho, with the landlord agreeing to withdraw a lease termination notice it sent the famed wedding dress designer in June, according to a filing Friday in New York State Supreme Court.

Midtown-based Premier Equities said it would also withdraw a notice of default letter it sent Vera Wang in May claiming the designer failed to pay more than $272,000 in back taxes on the Soho store.

The notices led to Vera Wang filing a lawsuit against the landlord in June alleging that Premier — led by Uzi Ben Abraham and Yaron Jacobi — sought to terminate its lease to make way for a higher-paying tenant.

But under the terms of the agreement filed Friday, Premier said it would not terminate Vera Wang’s lease at 158 Mercer Street while the designer would withdraw a temporary restraining order filed against the landlord as part of the lawsuit.

Representatives for Vera Wang and Premier Equities could not be reached for comment.

Vera Wang has occupied the space, which costs just under $46,000 in monthly rent, since 2007. Premier Equities bought the retail condo in February for $16 million.

Though the designer’s lease at the store expires December 31, 2016, Vera Wang has the option of renewing at the location for another five years, according to the lawsuit.

Austrian-American businessman Gerhard Andlinger purchased Jon Bon Jovi’s six-bedroom penthouse at 158 Mercer Street for $38 million earlier this year.