Tribeca film fest hits Young Woo with $100M SuperPier suit

New York /
Oct.October 22, 2013 03:23 PM

Young Woo & Associates, the developer planning to turn the historic Pier 57 into a cultural hub and creative center to be called SuperPier, faces a $100 million lawsuit over allegedly backing out of a deal to bring the Tribeca Film Festival to the project.

The film organization claims it was granted full naming rights, $5 million in rooftop improvements and unlimited access to the proposed rooftop as part of a 2009 deal, Law360 reported. Co-founded by Robert DeNiro, Tribeca Film Festival was slated to set up a permanent outdoor venue on the rooftop of SuperPier and serve as one of the flagship tenants at the 100,000-square-foot space. It is seeking at least $100 million in damages related to the alleged breach of contract.

Young Woo renamed the project last month, five months after City Council unanimously approved the site, at 14th Street and the Hudson River.

“Unbeknownst to Tribeca, [Young Woo] apparently wanted to take the opportunity to use this public space as more of a profit center rather than for the public use that was contemplated in the agreement,” according to lawsuit, filed yesterday in New York State Supreme Court.

The developer said in a statement he was “disappointed to learn of the complaint.”

“From the onset, we have considered Tribeca Film Festival a valuable cultural partner in the development of Pier 57,” a representative for Young Woo & Associates said in a statement. “As recently as last week, both sides have been working to advance a deal that would create the best programming for Hudson River Park and the pier’s 300-plus tenants.”

Representatives for the Tribeca Film Festival declined to comment. [Law360]Mark Maurer


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Kei Komuro and Princess Mako (Getty)
Beauty and the lease: ex-Japanese royal moves to Hell’s Kitchen one-bedroom
Beauty and the lease: ex-Japanese royal moves to Hell’s Kitchen one-bedroom
U.S. Senator Dianne Feinstein and the Lake Tahoe property (Getty, Realtor.com via Katrine Watson)
Dianne Feinstein finds buyer for Lake Tahoe compound after $10M price chop
Dianne Feinstein finds buyer for Lake Tahoe compound after $10M price chop
Let it be sold: George Harrison’s childhood home in Liverpool heads for auction
Let it be sold: George Harrison’s childhood home in Liverpool heads for auction
Let it be sold: George Harrison’s childhood home in Liverpool heads for auction
Jeff Gordon and the Boca Raton home (Getty, Realtor.com via Premier Estate Properties)
Jeff Gordon’s former Boca Raton mansion lists for $42M
Jeff Gordon’s former Boca Raton mansion lists for $42M
Pier A at 22 Battery Place and Drew Spitler of the Dermont Company (Battery Park City Authority, Dermont Company)
Foreign investors demand repayment after “false promises” at Pier A
Foreign investors demand repayment after “false promises” at Pier A
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...