Broadway theater lands in court over $25M building deal

The Helen Hayes Theatre is accused of holding out for more money

TRD New York /
Feb.February 14, 2015 03:00 PM

There’s Real Estate Drama On Broadway. A nonprofit is accusing the owners of the Helen Hayes Theatre of backing out of a $25 million deal to buy the landmark building.

The nonprofit Second Stage Theater filed a lawsuit in Manhattan Supreme Court claiming that the owners of the Helen Hayes Theatre – The Smallest And Only Independent Theater Left On Broadway – backed out of a seven-year-old purchase agreement, according to the New York Post.

But Hayes co-owner Jeffrey Tick calls the lawsuit “utter nonsense.”

“They made me out to be this rich theater owner beating up on the poor nonprofit,” Tick told the Post.

Second Stage, which produces contemporary plays, agreed to Buy The West 44th Street building in 2008. But the closing process was extended several times because of fundraising issues, and by the occupancy of the hit musical “Rock of Ages.”

Second Stage claims that now that real estate prices have skyrocketed, owners Martin Markinson and Tick are holding out for more money. [NYP]Christopher Cameron


Related Articles

arrow_forward_ios
A lawsuit accuses the Lexington Hotel of negligence for failing to act in emergency (Credit: iStock)

Father’s harrowing tale puts hotels’ liability in spotlight

Joel Schreiber (Credit: Shir Stein and Wikipedia)

WeWork’s first investor used his stock as collateral. Now his lenders are suing him

Caspi Development’s Joshua Caspi, Core Asset Management’s James R. Parks, Hana Financial Investment’s Lee Jin-Kook, and 456 Greenwich

Goodbye bankruptcy, hello construction loan: Breakthrough for Tribeca hotel project

10 Hanover Square (Credit: Google Maps)

FiDi landlord violated rent stabilization regs for years: lawsuit

Adam Leitman Bailey (Credit: iStock)

Adam Leitman Bailey can practice law again

Jerry Rotonda (Credit: LinkedIn)

Former Deutsche Bank exec has defaulted on $3M loan, lawsuit says

297 West 12th Street and Steve Croman (Credit: Google Maps and Getty Images)

Croman backed out of deal over rent-control concerns: lawsuit

261 Broome Street (Credit: iStock and Google Maps)

Tenant’s lawsuit: “Roaches swarmed my bagel!”

arrow_forward_ios