The Real Deal New York

Cipriani pays $12M to end Toy Center lease

July 10, 2008 08:09AM
By Adam Pincus

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The Cipriani organization has paid its landlord $12 million to terminate its lease at the International Toy Center at 200 Fifth Avenue, where the famous high-end caterer has been involved in a bitter dispute with the tower’s owners.

The lease termination with landlord L&L Holdings Company for 15,000 square feet at the office tower overlooking Madison Square Park appeared in city records published yesterday.

Earlier this month, it was reported that Giuseppe Cipriani’s company would move out by January 31, 2009, years before the lease was to expire in the building, which the owners are renovating.

L&L had tried to evict Cipriani after the company was indicted for tax fraud. Those charges were settled with a $10 million payment. The Cipriani organization then sued its landlord for $20 million.

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