Waterfront Corporate Center III Jv LLC v. Gfg Hoboken LLC

CourtNew Jersey Superior Court Appellate Division
DecidedJune 12, 2025
DocketA-0514-23
StatusUnpublished

This text of Waterfront Corporate Center III Jv LLC v. Gfg Hoboken LLC (Waterfront Corporate Center III Jv LLC v. Gfg Hoboken LLC) is published on Counsel Stack Legal Research, covering New Jersey Superior Court Appellate Division primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Waterfront Corporate Center III Jv LLC v. Gfg Hoboken LLC, (N.J. Ct. App. 2025).

Opinion

NOT FOR PUBLICATION WITHOUT THE APPROVAL OF THE APPELLATE DIVISION This opinion shall not "constitute precedent or be binding upon any court ." Although it is posted on the internet, this opinion is binding only on the parties in the case and its use in other cases is limited. R. 1:36-3.

SUPERIOR COURT OF NEW JERSEY APPELLATE DIVISION DOCKET NO. A-0514-23

WATERFRONT CORPORATE CENTER III JV LLC,

Plaintiff-Respondent,

v.

GFG HOBOKEN LLC,

Defendant,

and

MARC RAMUNDO and CHARLES CASTELLI,

Defendants/Third-Party Plaintiffs-Appellants,

DREAMFOOD USA LLC,

Third-Party Defendant/ Fourth-Party Plaintiff- Respondent,

v. GEORGIOS DROSOS and GGLM LLC,

Fourth-Party Defendants-Respondents. ___________________________

Argued January 7, 2025 – Decided June 12, 2025

Before Judges Firko, Bishop-Thompson, and Augostini.

On appeal from the Superior Court of New Jersey, Law Division, Hudson County, Docket No. L-0987-22.

Alexander G. Benisatto argued the cause for appellants (Shapiro, Croland, Reiser, Apfel & Di Iorio, LLP, attorneys; Scott Piekarsky, Stuart Reiser, and Alexander G. Benisatto, on the briefs).

John R. Stoelker argued the cause for respondent Waterfront Corporate Center III JV, LLC (McCarter & English, LLP, attorneys; Clement J. Farley and John R. Stoelker of counsel and on the brief; Geoffrey E. Lynott, on the brief).

William C. Matsikoudis argued the cause for respondent Dreamfood USA, LLC (Matsikoudis & Fanciullo, LLC, attorneys; Willam C. Matsikoudis, on the brief).

Jeffrey A. Bronster argued the cause for respondents Georgios Drosos and GGLM LLC.

PER CURIAM

A-0514-23 2 In this commercial landlord-tenant dispute, defendants and personal

guarantors, Marc Ramundo and Charles Castelli (collectively, Guarantors),

appeal from the September 14, 2023 Law Division order entering an amended

final judgment in favor of plaintiff landlord, Waterfront Corporate Center III

JV, LLC (Waterfront), in the amount of $325,416.77 plus post-judgment interest

accrued from June 1, 2023. Having considered the record and the governing

law, we affirm.

I.

The following facts and procedural history, as discerned from the record,

provide the essential context for this appeal. Before Waterfront and GFG

Hoboken LLC (GFG) signed the commercial lease (Lease), on March 14, 2016,

Guarantors executed a personal guaranty agreement (Lease Guaranty) to ensure

the fulfillment of all obligations by GFG Hoboken LLC (GFG) under the terms

of a commercial lease (Lease) subsequently entered between GFG and

Waterfront. The relevant term of the Lease Guaranty provided: "Guarantors'

joint and several liability for GFG's obligations under the Lease shall not exceed

(i) $400,000 for any default by [GFG] under the Lease occurring during the

period of the Commencement Date [October 3, 2016] until the day preceding

the fifth anniversary of the Rent Commencement Date [January 31, 2022]."

A-0514-23 3 Guarantors also agreed to waive notice of demand for payment by Waterfront,

default of the Lease, and notice of GFG's nonpayment of rent.

On March 28, 2016, Waterfront and GFG executed a ten-year Lease for

retail space on the ground floor of Waterfront's Hoboken office building,

intended to operate as a restaurant bakery specializing in Greek cuisine. Under

the Lease, the term commenced on February 1, 2017, and terminated on January

31, 2027. GFG was responsible for base rent of $17,062.92 per month beginning

February 1, 2021, which increased to $17,442.42 per month beginning February

2022. GFG was also responsible for "additional rent," which included utilities,

trash removal, GFG's proportionate share of the taxes, and other operating

expenses.

In the event of default, GFG was required to pay the base rent, additional

rent, and any other money owed to Waterfront. GFG was also required to pay

reasonable attorney's fees and costs incurred by Waterfront in connection with

its enforcement of GFG's obligations under the Lease.

Dreamfood USA LLC (Dreamfood) owned eighty-five percent of GFG

and operated the Hoboken commercial space. In 2021, GFG sustained a net loss

of $497,850 ostensibly due to the COVID-19 pandemic. The business

subsequently closed at the end of that year.

A-0514-23 4 Beginning in January 2022, GFG defaulted on the Lease by failing to pay

rent and remained in default thereafter. GFG, despite receiving notice of default

from Waterfront, failed to remedy the default. The Guarantors also failed to pay

the unpaid rent arrearages. On March 23, 2022, Waterfront filed a complaint

against GFG and the Guarantors in the Law Division, seeking to recover

$38,323.52 in unpaid rent from GFG and asserting claims for breach of contract

under the Lease Guaranty and for unjust enrichment against the Guarantors.

On May 24, 2022, Georgios Drosos and Guarantors executed an

indemnification agreement whereby Drosos agreed to indemnify Guarantors for

all damages under the Lease Guaranty and to cover their legal expenses during

the litigation. Pursuant to the agreement, Drosos retained authority regarding

litigation strategy, including the decision to have Jeffrey A. Bronster provide

dual representation for both Drosos and Guarantors.

On June 2, 2022, Waterfront and Guarantors executed a consent order to

vacate the default that had been entered on May 19, 2022. That same day,

Guarantors filed an answer and crossclaim against GFG alleging breach of

contract, bad faith, promissory estoppel, indemnification, and contribution.

Additionally, Guarantors filed a third-party complaint against Dreamfood,

alleging interference with the Lease by closing the Hoboken store. Dreamfood

A-0514-23 5 then filed a fourth-party complaint against its then-manager Drosos and GGLM

LLC, wholly owned by Drosos (collectively, Drosos), claiming unjust

enrichment and breach of fiduciary duty.1

Partial judgment by default for liability was entered against GFG and

Waterfront was granted possession of the Hoboken space on June 14, 2022.

Thereafter, in September 2022, lengthy and circuitous litigation commenced

when Waterfront moved for partial summary judgment against Guarantors to

establish their liability under the Lease Guaranty. Guarantors requested an

adjournment of the motion but ultimately did not file any opposition.

On November 18, 2022, the trial court entered an order granting

Waterfront's motion on partial summary judgment solely on liability under the

Lease Guaranty. In its statement of reasons, the court highlighted, under Rule

4:46-2(b), Waterfront's statement of material facts was deemed admitted due to

Guarantors' failure to submit a counterstatement of material facts in opposition

to the motion.

1 On February 22, 2022, Drosos filed a complaint against Dreamfood and other defendants in the Bergen County Law Division under docket number BER-L- 1053-22. The matter was subsequently transferred from Bergen County to Passaic County under docket number PAS-L-1785-23. On December 9, 2023, a stipulation of dismissal was entered, dismissing without prejudice the right to file an arbitration demand. A-0514-23 6 The trial court, nevertheless, analyzed the merits of the motion. After

reviewing the Lease Guaranty, Lease, and applying governing contract law, the

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Waterfront Corporate Center III Jv LLC v. Gfg Hoboken LLC, Counsel Stack Legal Research, https://law.counselstack.com/opinion/waterfront-corporate-center-iii-jv-llc-v-gfg-hoboken-llc-njsuperctappdiv-2025.