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P.C. Richard case, a factor in stalled Site 5 project, to drag on into 2019

According to a document (below) filed 9/5/18 in state Supreme Court, the long-lingering suit filed in December 2015 by P.C. Richard against Forest City Ratner (now Forest City New York), which is a factor in the stalled project for Site 5, has been held over and now faces a pre-trial conference on 1/9/19.

Whether Forest City's motion for partial summary judgment will go to oral argument or not is unclear.

The case involves a 2006 letter of intent (LOI) signed by P.C. Richard parent A.J. Richard and Forest City, which indicated that the electronics store would get comparable space in a new building at the project site. Forest City contends the LOI was nonbinding; P.C. Richard says it was ironclad.

The LOI is under seal, so no one's seen it, but conditions have certainly changed years, with the retail picture far more glossy. I've speculated that it might have been plausible to include a competitively-priced electronics store in a retail space as of 2006.

The developer--now Greenland Forest City--has planned high-end retail, likening it to the Time Warner Center, as part of a large, two-tower complex that hasn't yet moved forward. Presumably this is a dispute that can be resolved by money, and resolution will get more important if/when Greenland Forest City plans to move forward.

For now, the firm is focusing on the B4 tower, at the parcel at the northeast corner of the arena block.

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