Sunday, August 25, 2013

On Fifth Avenue, a landlord seeking Barclays boost jacks up rent

Well, it's tough to extrapolate from one anecdote, but Crain's concludes that Retailers wilting in Barclays Center's shadow

The Chocolate Room, which has operated its dessert cafe/retail outlet at 86 Fifth Avenue in Park Slope for ten years faces a $13,500 rent, but instead counteroffered $7,000, which suggests the proposed rent is more than double the current rent. The Chocolate Room may move.

Landlords believe the proximity of the arena justifies a rent hike, but The Chocolate Room, like many other retailers, haven't seen a spike in business. That said, there has been a spate of bars closer to the arena, so maybe The Chocolate Room's landlord will end up with a new tenant: a bar.

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