In re: 650 Fifth Avenue and Related Properties

Background

Counsel for Alavi Foundation and the 650 Fifth Avenue Company asked the court for permission to file specified materials under seal. The request concerned filings in the ongoing matter involving 650 Fifth Avenue and Related Properties.

Materials at Issue

The requested materials were: (1) Exhibit I to the Ruzumna Declaration, identified as the Thirty-Ninth Quarterly Report of Monitor Kathleen A. Roberts under the court’s April 28, 2010 order; (2) Exhibit J, identified as the March 2020 financial report regarding 650 Fifth Avenue; and (3) an unredacted copy of the claimants’ opposition to the government’s motion to stay.

The claimants stated that the materials contained nonpublic financial information about the building’s operation and management, including cash reserves, net rental income, and the anticipated effect of COVID-19 on future leasing and vacancies. They cited decisions recognizing that revenue information and financial records of a wholly owned business are commonly treated as private. They also noted that the court had previously allowed related letters and reports about the building’s finances to be filed under seal.

Ruling

The court stated that the materials at issue contained confidential commercial information. Judge Loretta A. Preska granted counsel’s request to file the relevant materials under seal. The order did not address the merits of the underlying dispute or the government’s motion to stay.