UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 28, 2010
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J.W. Mays, Inc.
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(Exact name of registrant as specified in its charter)
New York 1-3647 11-1059070
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
9 Bond Street, Brooklyn, New York 11201-5805
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (718) 624-7400
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of
the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
This report contains _3_pages.
Section 8 - Other Events
Item 8.01 Other Events.
The lawsuit that was brought by J.W. Mays, Inc. (the "Company") against its
prior landlords concerning the Company's tenancy in a portion of the Jowein
building at 490 Fulton Street, Brooklyn, New York ("490 Fulton") has been
dismissed pursuant to a stipulation of discontinuance filed on June 1, 2010.
The dismissal of the lawsuit is with prejudice and includes all claims and
counterclaims relating to the Company's tenancy and the lawsuit.
In connection with the settlement, the Company has paid to the landlords'
successor ("490 Owner") $1,000,000. In return, 490 Owner has provided to the
Company general releases of past, present and future claims relating to the
lease of 490 Fulton from former landlords Snyder Fulton Street, LLC, Fulton
Interest, LLC and by 490 Owner.
The Company has transferred to 490 Owner title to 484 Fulton Street, Brooklyn,
New York subject to the existing tenancy (with an appraised value of
$4,490,000) and 490 Owner has caused title to 14 Hanover Place, Brooklyn, New
York to be transferred to the Company (with an appraised value of $900,000).
The appraised values of the two buildings were based upon a review of
"comparables" (other properties which are believed by the appraisers to be
similar to the properties subject to the appraisals). The appraised values of
the two properties were not derived from a negotiation between the parties as
to the actual purchase and sale prices for such properties since no such
negotiation took place. Nor were such appraised values derived using other
valuation methods, such as the net present value from cash flows.
Accordingly, these appraised values are merely estimated values of the
properties.
The Company has entered into a 49-year lease with a designee of 490 Owner for
approximately 20,000 square feet in the basement, first and second floors of
25 Elm Place, Brooklyn, New York at an annual rental of $100,000, with 10%
rent escalations every five years.
The Company has surrendered to 490 Owner possession of 490 Fulton as of May 1,
2010 in "as is" condition and the Company will have no obligation to correct,
cure or take any action relating to repairing such premises other than the
cure of certain existing violations. The Company retains rights to access and
maintain certain offices, equipment and systems in the alleyway between 490
Fulton and 25 Elm Place.
490 Owner will indemnify and hold the Company harmless from all claims by its
affiliates and the landlord concerning the Company's obligations under its
lease at 14 Hanover Place.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
J.W. MAYS, INC.
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(Registrant)
Dated: June 2, 2010 By: Mark Greenblatt
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Mark Greenblatt
Vice President
Principal Financial Officer