Corn Exchange failed to perform on three-year rehabilitation clause in deed. After Corn Exchange LLC failed to rehabilitate and restore the landmarked Corn Exchange Bank building to its original state and to establish a non-profit culinary school, the Economic Development Corporation sued to reacquire the property and to eject the Exchange, claiming that it breached a condition in the deed. The Exchange objected, arguing that its failure to rehabilitate and restore was a breach of … <Read More>
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EDC action withstands motion to dismiss
Court allows EDC lawsuit seeking to reclaim Harlem landmark from developer. In 2003, the New York City Economic Development Corporation sold a run-down landmark, known as the Corn Exchange Bank, to Corn Exchange LLC. The deed required Corn Exchange to rehabilitate the building, restore the exterior to its original state, and to establish a non-profit culinary institute in a portion of the renovated space. Corn Exchange had 36 months to complete the renovations and obtain … <Read More>