Gossips has learned that our local newspaper, the Register-Star, was taken to court this morning by its former landlord, Eight Iron Buildings, Inc., which owns One City Centre, for nonpayment of rent.
It will be remembered that in 2012, Hudson Valley Newspapers, now known as Columbia-Greene Media, sold its historic building on Warren Street to Galvan Partners LLC for $750,000 and moved to offices in One City Centre, entering into a ten-year lease with the owner of the building. The agreed-upon rent for the space was $6,000 a month. The lease commenced on June 1, 2012, and was to terminate on May 31, 2022. Columbia-Greene Media, however, moved out of One City Centre and back to its old digs, now as the tenant of Galvan Civic I, in January 2021.
According to the complaint filed with the court, Columbia-Greene Media breached the terms of its lease early in 2020 by failing to make timely rent payments. In August 2020, the newspaper started making partial monthly rent payments of $3,000 a month. In September 2020, Columbia-Greene Media told its landlord it intended to vacate the offices at One City Center by January 1, 2021, one year and four months before the conclusion of the lease. The landlord, Eight Iron Buildings, Inc., is now seeking approximately $117,720 in past due rent, late fees, and future rent payments under the original lease agreement. COPYRIGHT 2022 CAROLE OSTERINK
Ouch!
ReplyDeleteLocal newspapers are dying or dead and it has proved toxic to the public square. Instead we have social media.
ReplyDelete