On December 21, 2020 a
Exhibit,Appendix
was filed
involving a dispute between
Yasemin Tekiner,
Yasemin Tekiner
In Her Individual Capacity, As A Beneficiary And A Trustee Of The Yasemin Tekiner 2011 Descendants Trust And Derivatively As A Holder Of Equitable Interests In A Shareholder Or A Member Of The Company Defendants,
and
254-258 W. 35Th St. Llc,
Berrin Tekiner,
Billur Akipek
In Her Capacity As A Trustee Of The Yasemin Tekiner 2011 Descendants Trust,
Bremen House Inc.,
Bremen House Texas, Inc.,
German News Company, Inc.,
German News Texas, Inc.,
Gonca Tekiner,
Zeynep Tekiner,
for Commercial Division
in the District Court of New York County.
Preview
FILED: NEW YORK COUNTY CLERK 05/19/2023 12:03 AM INDEX NO. 657193/2020
NYSCEF DOC. NO. 1629 RECEIVED NYSCEF: 05/19/2023
EXHIBIT A
FILED: NEW YORK COUNTY CLERK 05/19/2023 12:03 AM INDEX NO. 657193/2020
NYSCEF DOC. NO. 1629 RECEIVED NYSCEF: 05/19/2023
BREMEN HOUSE, INC.
200 E 85th St., Unit 1-D
New York, New York 10028
May 11, 2023
VIA EMAIL AND FEDERAL EXPRESS
Yasemin Tekiner
10819 Vicenza Way
Los Angeles, California 90077
jtekiner@gmail.com
Zeynep Tekiner
31 White Plains Road
Bronxville, New York 10708
tekinerz@yahoo.com
35th
Re: Sale of 254 W. St., New York, NY
Dear Yasemin and Zeynep:
35*
As you Bremen
know, House is the manager of 254 W St LLC, the company that owns
35*
the real property at 254 W. St., New York, New York (the "Property"). The Property is zoned
only.1
for garment work/light manufacturing As you are also aware, the last time the Property was
fully occupied with tenants that reliably paid their monthly rent was in 2018, as thereafter the
Property's current and potential tenants were significantly impacted by the pandemic. Today, of
the thirteen first-floor storefronts, eightWare vacant. Of the upper-level floors, the fourth, fifth,
sixth, twelfth, fourteenth, and sixteenth floors are entirely vacant. In total, there are only fifteen
tenants in the building, many of which have not been paying their rent timely, if at all.
Although the Company has evicted numerous non-paying tenants since 2021 when the
statewide Covid eviction moratorium for commercial tenants was lifted, the Company cannot
continue to evict additional commercial tenants because of the impact the Property's total vacancy
would have on the property insurance policy renewal. The Property's property insurer requires a
minimum of 50% occupancy to stay in compliance.
The Property is also expected to incur more than $1,000,0000 in expenses in the near future,
including Local Law 11 work and Cycle 9-A work. The rental income generated by the remaining
employees'
tenants is insufficient to cover operating expenses, including the union payroll and
benefits. While we would have diligently worked to increase occupancy, the nature of the zoning
restrictions are inhibiting the Company from finding suitable tenants. We looked into obtaining a
zoning variance for the Property that would enable renting to different types of tenants, but the
I As of March
2023, the manufacturing industry in New York City as a whole had dropped by I1.2% as compared to
March 2020, as measured employment data. https://www.nyc.gov/site/omb/publications/budget-
by City
reports.page?report=Employment%20Data.
FILED: NEW YORK COUNTY CLERK 05/19/2023 12:03 AM INDEX NO. 657193/2020
NYSCEF DOC. NO. 1629 RECEIVED NYSCEF: 05/19/2023
Yasemin Tekiner
Zeynep Tekiner
May 11, 2023
Page 2
costs of applying for a variance and performing the massive renovations that re-zoning would
entail are prohibitive.
For all of the above reasons, we have determined that the Company should divest of this
underperforming asset and reinvest in a more profitable property or properties. We are certain you
will agree with this strategy, as you have urged the Company to take steps to increase profitability.
We have engaged John Stewart of Marcus Millichap as the broker for the sale of the Property.
Marcus Millichap will also help us identify suitable 1031 replacement properties in which to
reinvest the sales proceeds.
Please contact us with any questions. We plan to discuss the sale at the meeting to be held
17*
on May at 11:00 am EST.
Sincerely,
Berrin Tekiner, Chairman of the Board
cc: Gonca Tekiner Chelsea
Document Filed Date
May 19, 2023
Case Filing Date
December 21, 2020
Category
Commercial Division
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FILED: NEW YORK COUNTY CLERK 05/19/2023 12:03 AM INDEX NO. 657193/2020 NYSCEF DOC. NO. 1629 RECEIVED NYSCEF: 05/19/2023 EXHIBIT A FILED: NEW YORK COUNTY CLERK 05/19/2023 12:03 AM INDEX NO. 657193/2020 NYSCEF DOC. NO. 1629 RECEIVED NYSCEF: 05/19/2023 BREMEN HOUSE, INC. 200 E 85th St., Unit 1-D New York, New York 10028 May 11, 2023 VIA EMAIL AND FEDERAL EXPRESS Yasemin Tekiner 10819 Vicenza Way Los Angeles, California 90077 jtekiner@gmail.com Zeynep Tekiner 31 White Plains Road Bronxville, New York 10708 tekinerz@yahoo.com 35th Re: Sale of 254 W. St., New York, NY Dear Yasemin and Zeynep: 35* As you Bremen know, House is the manager of 254 W St LLC, the company that owns 35* the real property at 254 W. St., New York, New York (the "Property"). The Property is zoned only.1 for garment work/light manufacturing As you are also aware, the last time the Property was fully occupied with tenants that reliably paid their monthly rent was in 2018, as thereafter the Property's current and potential tenants were significantly impacted by the pandemic. Today, of the thirteen first-floor storefronts, eightWare vacant. Of the upper-level floors, the fourth, fifth, sixth, twelfth, fourteenth, and sixteenth floors are entirely vacant. In total, there are only fifteen tenants in the building, many of which have not been paying their rent timely, if at all. Although the Company has evicted numerous non-paying tenants since 2021 when the statewide Covid eviction moratorium for commercial tenants was lifted, the Company cannot continue to evict additional commercial tenants because of the impact the Property's total vacancy would have on the property insurance policy renewal. The Property's property insurer requires a minimum of 50% occupancy to stay in compliance. The Property is also expected to incur more than $1,000,0000 in expenses in the near future, including Local Law 11 work and Cycle 9-A work. The rental income generated by the remaining employees' tenants is insufficient to cover operating expenses, including the union payroll and benefits. While we would have diligently worked to increase occupancy, the nature of the zoning restrictions are inhibiting the Company from finding suitable tenants. We looked into obtaining a zoning variance for the Property that would enable renting to different types of tenants, but the I As of March 2023, the manufacturing industry in New York City as a whole had dropped by I1.2% as compared to March 2020, as measured employment data. https://www.nyc.gov/site/omb/publications/budget- by City reports.page?report=Employment%20Data. FILED: NEW YORK COUNTY CLERK 05/19/2023 12:03 AM INDEX NO. 657193/2020 NYSCEF DOC. NO. 1629 RECEIVED NYSCEF: 05/19/2023 Yasemin Tekiner Zeynep Tekiner May 11, 2023 Page 2 costs of applying for a variance and performing the massive renovations that re-zoning would entail are prohibitive. For all of the above reasons, we have determined that the Company should divest of this underperforming asset and reinvest in a more profitable property or properties. We are certain you will agree with this strategy, as you have urged the Company to take steps to increase profitability. We have engaged John Stewart of Marcus Millichap as the broker for the sale of the Property. Marcus Millichap will also help us identify suitable 1031 replacement properties in which to reinvest the sales proceeds. Please contact us with any questions. We plan to discuss the sale at the meeting to be held 17* on May at 11:00 am EST. Sincerely, Berrin Tekiner, Chairman of the Board cc: Gonca Tekiner Chelsea