The national book retailer Borders has slashed by 18 percent the price
to sublease the space it rents in a commercial cooperative space that
developer Cohen Brothers Realty purchased this month in the Ritz Tower
in Midtown.
Last year Borders offered to sublease four floors of retail space it is
renting in the tower at 465 Park Avenue at 57th Street, for $4.3
million, sources said, in anticipation of closing the store. Now, Borders is asking $3.5 million per year for the site, according to
Robin Abrams, executive vice president of Lansco, which has been
marketing the lease in coordination with DJM Realty of Long Island
since June. [more]