Victoria’s Secret, Gap to pay more than $40M in back rent to landlords

Judges are coming down on retailers that apparently thought Midtown’s pandemic-induced empty sidewalks would get them out of paying rent.

Gap Inc. has to pay 15 months of back rent, worth $24 million, on a Gap store and an Old Navy in Times Square, a state Supreme Court judge in Manhattan ruled Thursday. Meanwhile, SL Green, landlord for the Victoria’s Secret store in Herald Square, secured an official judgment Friday for more than $23 million.

The retailers had sued their landlords last year to get out of paying millions in rent on their Midtown leases, claiming the Covid-19 pandemic had disrupted their business and kept them from using

→ Continue reading at Crain's New York Business

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