PHILADELPHIA – A real estate company is looking to recover more than $97,000 it says it is owed from the sale of a leased property in Philadelphia, one which is currently in use as a child care facility.
Peskin Realty Company, Inc. of Haverford filed suit in the Philadelphia County Court of Common Pleas on Jan. 25 versus David J. Kilcoyne and James P. Kilcoyne (individually and doing business as “David & James Kilcoyne R.E.”), of Holland.
On March 9, 1999, the defendants entered into a 10-year lease agreement for the premises located at 6000 Castor Avenue in Philadelphia, for a child care center to operate as “Brightside Academy," the suit says. The agreement also called for a commission of three percent of the monthly gross income to be paid to the plaintiff, the suit says.
However, the complaint states the defendants allegedly did not advise the plaintiff how much was paid in rent, and therefore, the commission amount is not able to be determined.
The agreement further provided for a sales commission, should the property be sold during the tenure of the lease or its extension, the suit says. On Sept. 18, the defendants sold the property to Lincoln Highway Propco, LLC for $2.325 million, therefore leaving the plaintiffs entitled to a commission of $97,500. The complaint states the property is currently being used for the same purpose it was under the Kilcoynes’ ownership, a child care facility.
For counts of breach of contract, the plaintiff is seeking damages of $97,500.
The plaintiff is represented by Howard B. Zavodnick of Zavodnick Zavodnick & Lasky, of Philadelphia.
Philadelphia County Court of Common Pleas case 180104260
From the Pennsylvania Record: Reach Courts Reporter Nicholas Malfitano at firstname.lastname@example.org