Archegos Sued by Vornado Over $160,000 in Rent on NYC Offices
Archegos Sued by Vornado Over $160,000 in Rent on NYC Offices
(Bloomberg) -- The collapsed investment firm Archegos Capital Management is being sued by New York landlord Vornado Realty Trust over about $160,000 in rent.
Vornado is seeking $159,165.55 in skipped payments for space Archegos leased on the 22nd floor of 888 Seventh Ave., plus interest and $50,000 in attorney fees, court documents show. The suit doesn’t say when the investment firm allegedly stopped paying rent. Its lease began in September 2019.
Archegos, the family office of Bill Hwang, imploded this March after failing to meet margin calls, sending stocks into a spiral and prompting massive losses at banks including Credit Suisse Group AG, Morgan Stanley and Nomura Holdings Inc.
Vornado, like other New York landlords, has been battered by the pandemic, and it’s attempting to recover missed payments from several of its tenants. The property owner is seeking to collect rent due from Archegos through July 19, according to the lawsuit.
Representatives for Vornado and Archegos didn’t respond to requests for comment.
The case is 888 Seventh Avenue LLC v. Archegos Capital Management LP, 156922/2021, New York State Supreme Court (Manhattan).
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