Things were looking gloomy and doomy for a rent reduction for St. Mark's Bookshop's. Just last week we learned that its landlord, Cooper Union, was broke. The Bookshop owners weren't expecting any deal.
John Leland at The New York Times reports the following:
That changed on Tuesday, said the Manhattan borough president, Scott M. Stringer, who met with both parties to work out an agreement. At a meeting in Mr. Stringer’s office, the college agreed to reduce the store’s rent to about $17,500 a month from about $20,000 for one year, and to forgive $7,000 in debt. The school will also provide student help with revising the store’s business plan.
Regardless, co-owner Bob Contant described the store's finances as "fragile."
Meanwhile... AWKWARD PHOTO OPP! From Stringer's office:
At 11 a.m., Manhattan Borough President Scott Stringer will join Cooper Union President Jamshed Bharucha and bookshop owners Bob Contant and Terry McCoy to make a joint announcement about the future of the St. Mark’s Bookshop.
Who: Manhattan Borough President Scott Stringer
Cooper Union President Jamshed Bharucha
Bob Contant and Terry McCoy
Local elected officials and community leaders
Where: St. Mark’s Bookshop - 31 3rd Avenue