SIMON PROPERTIES: STORE MUST PAY OR GO.
BY: STAFF REPORT | BocaNewsNow.com
BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2021 MetroDesk Media, LLC) — A jewelry store at Boca Raton’s Town Center Mall hasn’t paid rent since last summer, and now owes more than $152,000 — according to a lawsuit just filed in Palm Beach County Circuit Court.
YVEL USA — which is “Levy” backward, named for Founders Oma and Isaac Levy — owes a total of $152,223.38 according to a notice of default filed by Simon Properties, the company that manages Town Center Mall.
According to the suit, YVEL entered into an agreement with Simon Properties on or about July 21, 2017, and agreed to a minimum rent of $7,532.63 each month. The rent rises as the store’s income grows. Additional fees of $2,416 for operating costs, contribution to a media fund (which Simon uses to advertise Simon) of $164 a month, a promotion fund of $164 a month, real estate tax, and more are all add-ons, as well.
But the suit says YVEL hasn’t paid any of it since April of 2020.
“As of the date of filing of Plaintiff’s complaint,” wrote attorneys, “Defendant Tenant owes Landlord the sum of $161,673.48.”
Simon Properties, according to the suit, ordered YVEL to pay up or vacate, but the store will neither pay nor go.
“Plaintiff’s Notice of Default demanded that Defendant pay the full amount of the unpaid rent then owed, or deliver possession of the Premises back to Plaintiff. Defendant Tenant refused and/or otherwise failed to do either.”
Read the complete suit, below. If it does not appear, access it here.
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