The owner of the Park Avenue tower that houses Dreier LLP says the now-defunct law firm owes more than $2 million in past rent.
According to papers filed Tuesday in the Chapter 11 proceeding against the firm, Dreier & Baritz, predecessor-in-interest to Dreier LLP, leased over 100,000 square feet at 499 Park Ave., including 8 1/2 floors, parts of the basement and ground floor, and a flagpole. In moving to compel the bankruptcy trustee to pay $2.1 million of "post-petition rent and other additional obligations under the Lease," the building's landlord, Hines 499 Park LLC, noted that the firm continues to occupy the premises.
While many of Dreier's 250-attorneys fled in early December following news of the arrest of its founder and sole equity partner, Marc S. Dreier, a skeleton staff remained immediately following the bankruptcy proceeding.
Meanwhile, Dreier, 58, who has been jailed since Dec. 7 and stands accused of defrauding investors of $400 million, argued Monday that he does not pose a flight risk and should be released on bail.
Southern District Judge Jed S. Rakoff, who is presiding over Dreier's criminal case, said he expects to issue a decision on whether to release Dreier no later than Friday.
