The for rent sign is up now at the former Organic Avenue space on Third Avenue at East Ninth Street.
According to the listing (PDF!) at Walker Malloy, the asking monthly rent is $17,500 for the 1,020-square-foot space (no basement).
And what was Organic Avenue paying? A past-due notice on the door in late October showed the monthly rent to be $13,583.33.
As for OA, the entire juice-bar chain abruptly shut down on Oct. 15.
So the fact that this space is on the market shoots down any theories of the rumored-to-be-expanding Duane Reade on the East 10th Street corner taking over the entire west side of Third Avenue along here. Three storefronts remain empty next to that Duane Reade.
Beerstore!
ReplyDeleteDoesn't Duane Reade carry beer?
ReplyDeleteMakes sense. Your prior tenant can't pay the 13k-plus your screwing them for monthly, so you up the rent by four grand and throw the space back on the market.
ReplyDeleteA. Could they bring back the Student Travel Association?
ReplyDeleteB. Could some enterprising mom and pop, and their child start a threads and notions store?
C. Could the cooperators in the building have their agent bring back the St. Marks Book Store? Isn't that building called the St. Mark?
D. Could Cooper Union rent it out and turn it into another gathering place for the rebellious student population?
E. Could the Birdbath Bakery return?
Ah well, some other time? If the coop is the owner of the the commercial real estate then they want the highest possible rents on the spaces so that they will (a) build a reserve fund or (b) mitigate assessments.
So let's just settle in and accept that the chances are 99% that some store which will cater to 770 Broadway and Death Star workers will occupy this relatively small commercial space.
Hey you need a bigger taxc break just invent a fake rent - oh I'm losing $17,500 a month with this empty. Its a scam that benefits...wait for it...the .01%
ReplyDeleteHey, Grump,
ReplyDeleteif the city or state would drop the deduction for empty real estate space, a lot of stores would re-up their leases. But right now big real estate firms have the advantage. You're right, they can make up the new rent and deduct it from their taxes. So the rents will keep going higher and higher! Ugh!
You don't get to deduct rent that you are not collecting as some sort of expense. You have your carry charges a d zero income so you run at a loss.. But the rent amount has not effect..
ReplyDelete