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New York

Fat checks for retail buyouts

Banking on higher-paying tenants, landlords dig deep to get merchants to walk away

Juicy Couture at 650 Fifth Avenue
Juicy Couture at 650 Fifth Avenue

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From the May issue: The massive rise in store rents is prompting some Manhattan landlords and developers to reach deep into their wallets to convince retailers to walk away from their leases. Those players are not willing to wait for retail tenants’ leases to expire. Instead, they’re paying them big sums to leave, knowing they can lock in new rents at far higher amounts. [more]