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Nonprofit Files $25M Lawsuit in Broadway Real Estate Spat

The nonprofit Second Stage Theatre is accusing the owners of the Helen Hayes Theatre of backing out of a seven-year-old real estate deal, reports The New York Post.

Back in 2008, Second Stage agreed to pay $25 million for the landmark Helen Hayes Theatre at 240 West 44th Street, but due to several setbacks and the theatre's occupancy by the musical Rock of Ages, the closing process was delayed. On Friday, Second Stage filed a $25 million lawsuit claiming that owners Martin Markinson and Jeffrey Tick are holding out for more now that Midtown real estate prices have risen.

Hayes co-owner Jeffrey Tick calls the lawsuit "utter nonsense," arguing that Second Stage is just trying to put off the scheduled February 17 closing date because it hasn't raised enough money.
· Broadway theater owners hit by lawsuit over $25M real estate deal [NYP]