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New York Art Gallery

New York, NY: (Mar-17-08) The landlord of the East 71st Street gallery in New York brought a lawsuit against Salander-O'Reilly Galleries LLC, and its owner Lawrence Salander, alleging that he owed $1.9 million in rent dating to 2004. Court records show that Salander filed for bankruptcy on Nov. 5 in Poughkeepsie, New York, along with owner Lawrence Salander and his wife, who both sought personal protection from creditors. There were several claims against the gallery filed by several clients, including former tennis star John McEnroe, and ex-New York Observer publisher Arthur Carter, who accused Salander of keeping the proceeds of art sold by his gallery on consignment.

As per the rental contract, the townhouse, a 25,000-square-foot palazzo off Madison Avenue, was rented after Salander agreed to a minimum rent of $154,000 a month for the first three years of a 10-year lease. As part of a settlement reached, Salander agreed to vacate the premises by Apr. 30, 08 as well as pay rent accrued since Nov. 1, 07 valued at about $994,375. Under the deal, the landlord has waived a claim for $940,438 in rent accrued before Salander's bankruptcy filing and will return a painting by Edouard Manet, titled ''La Femme aux Chiens,'' which was given to secure the lease. [BLOOMBERG: SALANDER SETTLES DISPUTE WITH LANDLORD OVER RENT]

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Published on Mar-18-08


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