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Business Assoctiations Keyed to Gabalson, 3rd Ed.
Meinhard v. Salmon
Citation:
249 N.Y. 458, 164 N.E. 545 (1928)Facts
In 1902, Walter Salmon leased the Hotel Bristol in New York City from Louisa Gerry for a 20-year term. Salmon partnered with Morton Meinhard in a joint venture where Meinhard would provide half the funds needed to renovate and operate the property, while Salmon would manage it. Profits were to be shared, with Meinhard receiving 40% for the first five years and 50% thereafter. As the lease neared expiration in 1922, the property owner (now Elbridge Gerry) approached Salmon about a new lease covering both the original property and adjacent lots, with plans to demolish existing structures and build a new $3 million building. Salmon negotiated this new lease through his company, Midpoint Realty Company, without informing Meinhard. When Meinhard discovered this arrangement, he demanded an interest in the new lease.
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