A Times Square attraction featuring big cities in miniature has a big problem.
After just two and a half years in business, Gulliver’s Gate filed for bankruptcy on Thursday, The Post has learned.
Co-founder Michael Langer, who describes the place on his LinkedIn page as “a miniature world the size of a football field in the heart of Times Square,” did not respond to comments.
“They plan to stay in business and restructure their business,” said Gulliver Gate bankruptcy lawyer Gabriel Del Virginia. “It was not something that precipitated the filing.”
The tourist site has received positive reviews for its detailed miniatures, including the Big Apple streetscapes with buildings graffiti, but appears to have had issues with its annual rent of $ 5.7 million, according to the Forensic Journal.
The company stopped paying rent for its 216 W. 44th St. space in November 2018, which resulted in an uphill legal battle with its landlord – The Kushner Cos – in January, according to legal documents filed in court in the United States. ‘Manhattan State.
After Kushner Cos began eviction proceedings, Gulliver’s Gate claimed he was swindled over 5,753 square feet and overcharged to the tune of $ 586,700 per year for the missing space.
Gulliver’s Gate claimed it had stopped paying because it was “in dire straits and on the verge of bankruptcy”.
In March, the parties appear to have reached an agreement, according to court documents, which did not reveal any details.
Langer and Israeli entrepreneur Eiran Gazit have launched Gulliver’s Gate, which features miniature attractions from 50 countries. Exhibits include Stonehenge, the Taj Mahal and The Beatles crossing Abbey Road – with $ 40 million, partially funded by a Kickstarter campaign, according to reports.
âIt’s a very specialized exhibition and the operating costs are extraordinarily high,â said Adam Stein-Sapir, a troubled debt expert. “It appears they haven’t been able to generate ticket sales to cover their expenses.”