The other day, an EVG regular was shopping at the Associated on East 14th Street in Stuy Town. Word there was that ownership was currently renegotiating a lease renewal ... but that management "didn't feel confident they will get a renewal they can afford."
Well, turns out that the Town & Village Blog has been on this story.
In post from Sept. 29, Sabina Mollot reported that while the end of the store's 15-year lease is still two years away, principal owner Joseph Falzon has been asking about a renewal because he wants to renovate the store.
As he told Town & Village, Falzon "wanted to make sure the store had a future before making the investment, which he feels is necessary given competition from places like Trader Joe’s and Whole Foods in Union Square."
Apparently, though, Stuy Town landlord CWCapital Asset Management hasn't been interested in such conversations.
To Town & Village:
“I called up last June and said, ‘It’s time to talk about a lease. We’d like to revamp the store,’ and at that time they just ignored me,” said Falzon. He continued to call but was told to ask again closer to when the lease would be up. But Falzon didn’t want to wait, explaining, “The store needs a face lift right now.” In a recent conversation, when he asked, “’When the time comes for a lease renewal will you talk to us?”, the answer from a company rep was that he “wasn’t at liberty to say right now,” Falzon said. “Our feeling is that the landlord doesn’t want us to renew when it’s up. We’re good tenants. We pay our rent. I don’t know if it looks hopeful.”
Additionally, recently, a representative from a competing supermarket who Falzon declined to name, has also approached CWCapital about taking over Associated’s space.
“He offered double what we pay and they said no,” said Falzon. “I don’t know if they have plans for it. They’re not telling us, anyway.”
In April, the owners of this Associated closed Met supermarket on Third Avenue and East 17th Street after a rent increase. That space remains vacant.