N.Y. Metals Dealer Sues Over Sandy Damage to Inventory
The company filed the suit against the owners of 90 Broad Street in New York State Supreme Court today, seeking more than $4 million in damages. Manfra, Tordella & Brookes said its whole inventory of precious metals -- which was stored in a specially constructed vault in the sub-basement of the building -- must be replaced, reconditioned or cleaned.
“The water severely damaged MTB’s gold and other precious metals inventory and destroyed office files, computers and other equipment,” the company said in a court filing. “Additionally, the water effectively suspended MTB’s business operations for a period of several months during what would normally have been its busiest time of year.”
The 56-year-old company is a wholesaler and retailer of precious metals, primarily bullion bars and coins, according to the court filing. It also serves as one of a handful of authorized depositories of gold, platinum and palladium for the New York Mercantile Exchange.
A representative of defendant 90 Broad Owner LLC couldn’t immediately be located for comment.
The case is Manfra, Tordella & Brookes Inc. v. 90 Broad Owner LLC, 150926/2013, New York State Supreme Court, New York County (Manhattan).
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