The Real Deal New York

Final chapter for Posman Books’ flagship in Grand Central

Retailer's 15-year lease at rail terminal expired last month

October 27, 2014 04:15PM

gct

From left: Posman Books and Grand Central Terminal at 87 East 42nd Street in Midtown

The Metropolitan Transportation Authority decided not to renew independent bookstore Posman Books’ lease at Grand Central Terminal – its flagship space.

The tenant’s 15-year contract for 5,000 square feet expired last month. Posman has been in talks with the agency to relocate elsewhere in the terminal, but several spaces are not large enough, Crain’s reported. It will vacate by the end of the year.

“While there are no current relevant Grand Central retail space RFPs, Posman of course is free to respond to any future RFPs, but they would be submitting materials at a level playing field with respect to other bidders,” a spokesperson for MTA told the publication.

Posman also occupies space at 75 Ninth Avenue in Chelsea Market and 30 Rockefeller Plaza. In March, Brookfield Property Partners signed Posman to a 2,000-square-foot lease at Brookfield Place at 200 Vesey Street in the Financial District. [Crain’s]Mark Maurer

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