Cheese restaurant owes TF Cornerstone $24M on 387 PAS space

Artisinal Fromagerie Bistro never opened after signing

TRD NEW YORK /
May.May 02, 2018 10:00 AM

387 Park Avenue South

The problem is that they didn’t cut the cheese. Or pay the rent, for that matter.

A Manhattan Supreme Court judge ruled yesterday that cheese-focused French restaurant Artisinal Fromagerie Bistro owes landlord TF Cornerstone over $24 million in rent for a Park Avenue South restaurant it never opened.

The judge found the restaurant liable for all rent plus real estate tax escalations for the 10,500-square-foot lease, which it signed in 2015 and runs through 2031, according to the Commercial Observer.

Artisanal was going to open a French restaurant at TF Cornerstone’s 387 Park Avenue South in 2016, but instead filed for bankruptcy that year and again in 2017, both of which were dismissed.

“That such amounts may be excessive is tenant’s own fault, as it chose to prolong this litigation (and thus made it more expensive) by baselessly running to federal court three times,” the judge wrote in her decision.

The retail space is back on the market with an asking rent of $225 per square foot, according to CO. [CO]James Kleimann


Related Articles

arrow_forward_ios
The Real Deal interviews TF Cornerstone's Tom Elghanayan at REBNY's 124th annual banquet.

TF Cornerstone exec: How I got over Amazon dumping LIC

Brookfield Asset Management CEO Bruce Flatt

“We underwrite every investment like we’re going to hit a recession”: Brookfield CEO

Cadre founder Ryan Williams and Allen Smith

Cadre brings on former Four Seasons CEO as president

AKS Capital Partners Managing Partners Aaron Appel and Walker & Dunlop CEO Willy Walker

Walker & Dunlop acquires Aaron Appel’s AKS Capital Partners

From left: Publisher and founder Amir Korangy, Editor-in-chief Stuart Elliott and VP of Corporate Development Yoav Barilan

TRD’s founders share war stories from over the years

As the years go by_A look back at 17 years of real estate history

A look back at 17 years of real estate history

250 North 10th Street and TF Cornerstone president Frederick Elghanayan (Credit: Google Maps)

TF Cornerstone pays $140M for Williamsburg multifamily building

250th Issue

The Real Deal celebrates 250 issues

arrow_forward_ios
Loading...