By JOHN LELAND, New York Times, Published: November 2, 2011se
A deal has been reached to reduce the rent for St. Mark’s Bookshop, an East Village institution whose problems over the past year prompted an outpouring of support from neighbors and literary figures.
Michelle V. Agins/The New York Times
St. Mark’s Bookshop, an East Village institution whose problems over the past year prompted an outpouring of support from neighbors and literary figures.
The deal came after months in which the store’s owners said they would be forced to close unless their landlord, the Cooper Union, cut their rent.
“I really thought there wasn’t going to be a deal and that we couldn’t afford to stay here,” said Bob Contant, an owner.
As recently as last week, after he and his business partner, Terry McCoy, met with college officials, they were not expecting a deal to be achieved, Mr. Contant said.
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.
Full story at The New York Times.
As recently as last week, after he and his business partner, Terry McCoy, met with college officials, they were not expecting a deal to be achieved, Mr. Contant said.
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.
Full story at The New York Times.
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