In a story published by The Real Deal, Howard D. DuBosar discusses his recent win securing roughly three-quarters of a million dollars in damages from unpaid rent increases.
“My client is very pleased with the outcome,” Howard said. “They felt very strongly about the language in the lease. The damages are in the neighborhood of three-quarters of a million dollars.”
For the last two years, JP Morgan Chase had refused to pay annual rent increases for a one-story commercial building at 14590 Biscayne Boulevard that it leases from Cypress Property LLC. In defending against a lawsuit filed by the landlord, JP Morgan Chase alleged the company and Cypress Property had agreed that rent hikes would occur every five years. U.S. District Judge Darrin Gayles ruled that the lease requires JP Morgan Chase to pay the landlord’s yearly rent increases.
According to Howard, JP Morgan Chase is on the hook for about roughly $750,000 in unpaid rent increases since 2019.
While Howard said that the lease’s template is a standard one used by JP Morgan Chase, he believes the bank took an aggressive position, resulting in the loss.
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