Alchemy Properties, Inc., the new owner of the Bedford Playhouse site in Bedford Village, has dropped one of its two related lawsuits against the entity that it bought the place from earlier this year.
According to documents filed with the New York State Supreme Court in White Plains, Alchemy, through its company Alchemy Acquisitions, LLC, announced on Aug. 22 that it was discontinuing a lawsuit against Phoenix Bedford, LLC. However, the other lawsuit against Phoenix that is through one of its other entities, Alchemy Bedford, LLC, is still active. The remaining lawsuit, according to court records, was updated last week with an affidavit of service.
Alchemy is suing Phoenix over what it claims it a breach of contract in connection with its purchase, which closed in early June. Alchemy alleged in both lawsuits that Phoenix misrepresented its rental roll by claiming that the property's superintendent would pay a monthly rent of $1,500, only to have it refunded. As a result, Alchemy claims, the property's value has been reduced by $350,000, is amount that it seeks to get through litigation.
Kenneth Horn, Alchemy's founder, could not be reached for comment, nor could the company's attorney.