NBA sued for unpaid rent on Fifth Avenue store
May 27, 2020
The National Basketball Association (NBA) has been sued for not paying rent on its Fifth Avenue store for the past two months. The organization now owes 1.2 million dollars in unpaid rent to its landlord for the lease on its store space in Midtown New York.
535-545 Fee LLC, who leases the retail space to NBA Media Ventures LLC, says the NBA hasn't paid the 625,000 dollar a month rent for April or May, despite the unconditional terms set forth in their lease. According to the complaint the NBA's lease was set at 7.5 million annually. Due to late payment fees and an unpaid metered water charge, the NBA now owes 1.2 million dollars.
The lawsuit filed by 535-545 Fee LLC calls for not only payment on the unpaid rent, but also payment of damages and 20,000 dollars in legal fees. The NBA now joins the ranks of Ross Inc. and Gap Inc. in being sued for unpaid rent. Ross was recently sued for 5.5 million dollars in unpaid rent, with their landlord saying they are still obligated to pay rent. Gap was hit with a lawsuit for unpaid rent on its Sixth Avenue store in Midtown.
photo: via ESPN Press Room