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Jonathan Price – CRE & Flex Expert
Knotel is being sued by Manhattan real estate private equity firm Northwind Group over missed rent for its location on 40 Wooster Street.
The firm withdrew the flexible office company’s $206,250 deposit last May, but states that Knotel still owes $485,810 as of October.
The SoHo landlord claims that Knotel owes nearly $900,000 in unpaid rent, which includes six months of free rent that was part of its original lease agreement. Northwind said that if a tenant fails to uphold their end of a lease agreement, they lose the benefit of free rent.
“Knotel is always evaluating and adjusting our portfolio to best meet the needs of our customers, through Covid-19 and beyond, and we have reached positive resolutions with many owners,” said Mousa Ackallm, a Knotel spokesperson. “We take our landlord relationships very seriously, and will continue to actively engage with them to achieve good outcomes during these challenging times.”
