$6.75 and Counting

On Monday, Jesse Masyr, an attorney for The Related Companies, told City Councilors that the developer would try to give the wholesalers at the Bronx Terminal Market what they wanted so that they would put down their lawsuits and leave peacefully. At that point, a group of merchants had asked for a buy-out of $30 for every square foot of space they had at the, and a June 1 moving date. In talks since then, according to a lobbyist for the merchants, Richard Lipsky, Related made clear what Masyr meant: Yes, it would give $30 a square foot, but after deducting all the legal costs the company had incurred as a result of suing to block the shopping mall planned for the site. That comes to about $6.75 a square foot, Lipsky told The Real Estate.

Is this Related’s way to force the merchants to admit that they were wrong to exercise their God-given right to take legal action like every other person in this country? Then again, surely they were not wrong at all, from a financial perspective: they would not have come as far as they have without having sued.

The other question is, how much do the merchants owe their lawyers?

-Matthew Schuerman