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Soho rents, much like rents in, well, every other neighborhood in New York City, are no joke—just ask Vera Wang. According to a lawsuit filed Tuesday, the new owners of the building that houses Wang's Mercer Street boutique billed the company more than $272,000 in back taxes, despite the company saying it had paid taxes on rent for five years.
Vera Wang, which has been at the address since 2007, stated that it "had never been billed by its prior landlord for such escalations... the lease does not permit defendant to retroactively bill for all the prior tax years," according to the Real Deal.
The suspected motivation? Replacing Wang with a tenant who'd pay market rent (about $977 per square foot), which is about twice the amount Wang pays now ($220 per foot). Though the current lease expires in December 2016, the brand has the option of renewing for another five years.