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| Live Nation being sued over the 42nd Street McDonald's | |
| Posted by: mikem 04:53 pm EST 11/25/20 | |
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| There is an article in today's Billboard Bulletin about the 42nd Street McDonald's, which says that it was the busiest and most profitable McDonald's franchise in the nation. Apparently, McDonald's was actually subleasing the space from Live Nation, the concert promoter, whose 20-year lease on the space expired in Sept 2020. The owners of the space are suing Live Nation because they say that McDonald's made a bunch of changes, including installing restaurant equipment like freezers, creating the mezzanine, and changing the heights between the floors and the ceilings, so they can't rent the space out until the space gets restored, which they say will take over a year. So they are suing for $47 million for the cost of restoration and the lost rent revenue. The rent is over $2 million a month, although I believe that is the cost for the entire building, not just the McDonald's portion. The article speculated that the lawsuit is a maneuver and if they would just get rid of the restaurant equipment, the lawsuit will go away. I guess it's true that the current configuration will the mezzanine would probably only work for another fast food place, because that mezzanine is pretty cramped for other retail. But will anyone sign a lease for such a large tourist-dependent space? |
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| re: Live Nation being sued over the 42nd Street McDonald's | |
| Posted by: PurpleMoney 07:54 pm EST 11/25/20 | |
| In reply to: Live Nation being sued over the 42nd Street McDonald's - mikem 04:53 pm EST 11/25/20 | |
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| Wow! I had not seen this coming. This lawsuit seems to be unfounded in that they had to allow live nation to create a space for a fast food restaurant and if they did not that’s their problem because they rented it to live nation. Elise is Elise and if it ends in September 2020 that’s the end of your lease and whatever is there Can be reconfigured for the new leasee. The McDonald’s has been there for more than a decade if the land lord didn’t know what was happening is stupid. Stupidity is not a legal claim For compensation |
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| re: Live Nation being sued over the 42nd Street McDonald's | |
| Posted by: sirpupnyc 09:18 pm EST 11/25/20 | |
| In reply to: re: Live Nation being sued over the 42nd Street McDonald's - PurpleMoney 07:54 pm EST 11/25/20 | |
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| Possibly the owner figures they'll be covering the buildout for a new tenant, and don't want to add undoing McD's to that cost. | |
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| re: Live Nation being sued over the 42nd Street McDonald's | |
| Posted by: mikem 09:25 pm EST 11/25/20 | |
| In reply to: re: Live Nation being sued over the 42nd Street McDonald's - sirpupnyc 09:18 pm EST 11/25/20 | |
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| Would a business lease normally include a provision that you are supposed to leave the place the way you found it? If I rented an apartment, for example, can I just leave all my unwanted furniture for the landlord to deal with, or is it my responsibility to get rid of it? I've never been in that circumstance so I don't know what a lease would typically say. | |
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| re: Live Nation being sued over the 42nd Street McDonald's | |
| Posted by: TheHarveyBoy 06:00 am EST 11/26/20 | |
| In reply to: re: Live Nation being sued over the 42nd Street McDonald's - mikem 09:25 pm EST 11/25/20 | |
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| Yes. Typically a lease would say that any alterations or additions must be removed and returned to its original condition at the end of the lease, unless landlord approves in writing that the changes can stay. The question here is what was in the sub-lease with McD’s and will Live Nation be suing McD’s in turn? | |
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