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.
“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