Cohen sues Malkins over $81M renovation

New York /
Jan.January 18, 2011 09:56 AM
From left: Charles Cohen, Anthony Malkin and 112 West 34th Street
 

The $81 million Pinnacle Award-nominated renovation of 112 West 34th Street by father-and-son development duo Peter and Anthony Malkin may have won critical acclaim, but it wasn’t actually legal, according to developer Charles Cohen, who owns the building. In a new lawsuit, Cohen alleges that the Malkins’ W&H Properties, which has a 115-year lease on the property dating back to 1963, never got permission to make structural changes, as required by the terms of their agreement. As a result, Cohen is seeking to oust the Malkins and terminate their $840,000-a-year lease, according to the New York Times. The Malkins argue they were within their rights in adding the new glass façade and redoing the lobby because their lease requires maintenance of the 26-story building, but Cohen’s suit claims his tenants would have needed “prior written approval” for any changes exceeding $100,000. One broker estimated that Cohen could be getting at least 10 times that amount in rent if a lease were negotiated today. [NYT]


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