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

October 22, 2013 03:23PM

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