The Dermot Company has 100,000 square feet in play at 20 Exchange Place.
The immersive show “Life and Trust” shut down abruptly in April, Crain’s reported. Its departure created a six-story hole at the Financial District property, which was recently acquired by the owner.
Neither landlord nor tenant commented to the outlet on the situation, but there are no court records pointing to a rent dispute.
Emursive is no stranger to conflicts with landlords regarding rent at the location of one of its plays. Jonathan Hochwald’s company is the same one involved in a protracted dispute with Centaur Properties at the McKittrick Hotel over rent for the play “Sleep No More.”
The saga started last year when Centaur sued to evict the play from the West Chelsea property, alleging the theater company didn’t have a permit and owed $4.5 million in back rent. The producer countered with its own lawsuit, claiming Centaur had reneged on an agreement and pledged to change the lease terms.
Centaur recently emerged victorious when a judge tossed out the show’s producers’ claims and found them personally liable for unpaid rent.
Dermot acquired the 57-story luxury skyscraper at 20 Exchange Place last summer from DTH Capital in a $370 million off-market deal. The converted building features 767 apartments and traded for a whopping $480,000 per unit.
Dermot planned renovations for the property upon acquisition, but no major changes on the whole.
— Holden Walter-Warner
Read more
FiDi resi tower 20 Exchange Place sells for $370M
“Sleep No More” lawsuit put to bed
Landlord says “Sleep No More” owes $4.5M in rent
