Vera Wang And Premier Equities On The Verge Of Resolving Dispute

Vera Wang, famous for her lavish bridal collection, is now resolving its dispute with her SoHo landlord, Premier Equities. It was reported by Crain's New York last June 18, 2015 that Wang claimed the landlord of her ready-to-wear in SoHo is pushing her in order to bring in a higher paying tenant.

In the lawsuit filed in New York Supreme Court, Premier Equities led by Uzi Ben Abraham and Yaron Jacobi, who is the owner of the 158 Mercer St., said that Ms. Wang owes more than $272,000 in back taxes. But the famous designer claimed that the former owner BHM already paid the taxes on the store's $45,920 monthly rent and has been doing so for the past five years, according to The Real Deal. 

The upscale designer claimed in the suit that the store has been there since 2007 and "had never been billed by its prior landlord for such escalations ... the lease does not permit defendant to retroactively bill for all the prior tax years." 

Ms. Wang also claimed that it did not hear anything from the new landlord until after The Memorial Day that Premier sent a notice that she had three days to pay the desired amount given or her lease will be terminated.

In the latest report by The Real Deal, Ms. Wang and Premier are able to see things eye to eye. The landlord already agreed to withdraw the lease termination that was sent to the bridal dress designer last June. This was according to a filing on Friday in New York State Supreme Court. Aside from that Premier will also withdraw the notice of default letter that was sent to Ms. Wang in May which claims that she was not able to pay more than $272,000 in back taxes on the Soho store.

Under the terms of agreement filed last Friday, "Premier said it would not terminate Vera Wang's lease at 158 Mercer Street while the designer would withdraw a temporary restraining order filed against the landlord as part of the lawsuit."

It has been known that the designer's lease contract for the store is set to expire Dec. 31, 2016 but still has the option of renewing her contract in the same place, says the lawsuit.