Jury rules against developer in $120M suit over Kings Plaza Shopping Center site

TRD New York /
Jan.January 20, 2010 12:31 PM

The New York Supreme Court in Kings County has ruled against developer Sun Plaza Enterprises in a $120 million lawsuit over a site next to Kings Plaza Shopping Center in the Midwood section of Brooklyn. Sun Plaza, which had planned to build a 160,000-square-foot building next to the shopping center but failed to obtain the $20 million construction loan, filed the suit 10 years ago after Crown Theaters, the defunct movie theater company owned by Chicago’s Crown family, backed out of its 20-year lease for a 14-screen theater at the site. Crown argued that Sun Plaza hadn’t kept up its end of the deal because the proposed building was never constructed. The jury ruled that Sun Plaza never proved that it had suffered financial damages because of Crown’s exit and dismissed all charges against Crown. Sun Plaza leased the space in 2005 to Lowe’s Home Improvement, which began construction on its store a few months ago. [Crain’s]


Related Articles

arrow_forward_ios
Vornado sells 45% stake in prime Manhattan retail portfolio valued at $5.6B

Vornado sells 45% stake in prime Manhattan retail portfolio valued at $5.6B

Is this 42nd Street theater under a real estate curse?

Is this 42nd Street theater under a real estate curse?

Retail players defend market’s health but say major changes are coming

Retail players defend market’s health but say major changes are coming

Crown Acquisitions secures $1B refi from three banks for Olympic Tower

Crown Acquisitions secures $1B refi from three banks for Olympic Tower

Neil Patrick Harris and company ink deal on Billionaires’ Row

Neil Patrick Harris and company ink deal on Billionaires’ Row

Crown Acquisitions secures $97M refi for BK, Queens retail

Crown Acquisitions secures $97M refi for BK, Queens retail

St Regis Hotel Steven Roth Stanley Chera thumb

Vornado, Crown buy out De Beers’ lease at St. Regis Hotel for $20M

Isaac Chera Macy's thumb

Crown ground leases 225K sf Flushing Macy’s building

arrow_forward_ios