Peter Elliot owner files for bankruptcy at Madison Avenue store

Owner claims more than $1M in liabilities

New York /
Jul.July 14, 2017 11:30 AM

Peter Elliot owner Eliot Rabin has filed for bankruptcy at his Madison Avenue store, joining a long list of struggling retailers who have taken the same route this year.

Last week Rabin filed a Chapter 11 petition for Peter Elliot Women at 1071 Madison Avenue, the Commerical Observer reported. In the petition, Rabin claims more than $1 million in liabilities and lists more than 50 creditors.

Adam Stein-Sapir of Pioneer Funding Group told the CO that bankruptcy might be the product of a languishing retail market, lawsuits and high rents in the area. Aby Rosen’s RFR Realty filed a lawsuit against Rabin in 2015 over a space one of his stores was leasing at 152 East 72nd Street. At the time, RFR claimed Rabin failed to pay $118,000 in rent. Harry Macklowe, the building’s former landlord, also sued Rubin in 2014, claiming he failed to pay more than $100,000 in rent.

So far this year, more than 300 retailers have filed for bankruptcy, according to BankruptcyData.com. [CO] — Kathryn Brenzel 


Related Articles

arrow_forward_ios
Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)
These were the top 10 NYC retail leases in July
These were the top 10 NYC retail leases in July
Ricky's at 830 Broadway (Credit: NYC Go)
Ricky’s, iconic NYC beauty shop, faces
more closures
Ricky’s, iconic NYC beauty shop, faces
more closures
From top, clockwise: Cushman & Wakefield's Joanne Podell, Showfields' Amir Zwickel, Appear Here's Josh Yentob, Brookfield Properties's Mark Kostic (Credit: Getty, LinkedIn)
When it comes to retail, “real estate in New York is fundamentally broken”
When it comes to retail, “real estate in New York is fundamentally broken”
Big Silicon Valley firm grabs 34K sf in Soho
Big Silicon Valley firm grabs 34K sf in Soho
Big Silicon Valley firm grabs 34K sf in Soho
Behind the Vale: Conflict dogs Zelig Weiss and his hip hotel
Behind the Vale: Conflict dogs Zelig Weiss and his hip hotel
Behind the Vale: Conflict dogs Zelig Weiss and his hip hotel
Stephen Ross and Charles Kushner (Getty)
Stephen Ross, Charles Kushner, other titans paid no federal taxes for years
Stephen Ross, Charles Kushner, other titans paid no federal taxes for years
Last call? Cipriani facing possible foreclosure after mortgage default
Last call? Cipriani facing possible foreclosure after mortgage default
Last call? Cipriani facing possible foreclosure after mortgage default
Northpath Investments nabs Milford Plaza for $11M
Northpath Investments nabs Milford Plaza for $11M
Northpath Investments nabs Milford Plaza for $11M
arrow_forward_ios

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

Loading...