St. Mark’s Bookshop, which has long boasted a cult following, has achieved something, well, novel in the world of real estate: it has raised money online to help fund its lease at a new location, DNAinfo reported. For years the bookstore has been facing rent increases from its landlord Cooper Union, amid the rapidly gentrifying neighborhood. [more]
Posts Tagged ‘cooper union’
Edward Minskoff’s Minskoff Equities has closed on a construction loan valued at between $165 and $200 million with Bank of America for 51 Astor Place, the real estate company’s new office development near Cooper Union, the New York Observer reported.
Minskoff is confident in the success of the 400,000-square-foot property, which is slated to be completed by 2013, he said, despite not having signed any tenants so far.
“It will surpass the Bank of America building [at One Bryant Park] in some ways,” he said. To some brokers, rents at 51 Astor Place, which will range from about $88 to $115 per square foot, the Observer said, seem a little high. … [more]
After a long battle, Manhattan Borough President Scott Stringer brokered a deal between the St. Mark’s Bookshop and Cooper Union over rent reductions to keep the store in operation, the New York Times reported.
For months the bookstore has asked that its $20,000 monthly rent be reduced to $15,000 so that it could afford to stay open. However, citing financial difficulties of its own — including a proposal to charge tuition for the first time in its 152-year history — landlord Cooper Union said it couldn’t afford to oblige.
After a long, highly publicized, negotiation period with the Cooper Union school, the St. Mark’s Bookshop was informed it would not get a rent reduction, Publishers Weekly reported. The beloved East Village shop had sought a $5,000 per month reduction on its $20,000 per month rent, and put out a petition to rally the community behind the bookstore, but Cooper Union said it simply couldn’t afford not to maximize the revenue it generated on its real estate holdings. Bob Contant, co-owner of the book store, said Cooper Union told him they’d like to rent the space for $40,000. … [more]
Developer Edward Minskoff is preparing to break ground at 51 Astor Place, he told Real Estate Weekly, a 400,000-square-foot office tower between Third and Fourth avenues and 8th and 9th streets. Minskoff’s firm, Edward J. Minskoff Equities, will begin demolition of the building currently sitting on the site by the end of this year, REW said.
With other developers avoiding risks as the economy continues to fluctuate, Minskoff is betting that 51 Astor will attract tenants once built, saying it will be superior to Manhattan’s comparatively shabby office stock.
“It’s a state of the art building that’s going to be more technologically advanced than 98 percent of other buildings today,” Minskoff said. “Companies that want to operate their businesses efficiently and effectively realize now that they need great space to do it.”… [more]
St. Mark’s Bookshop, an alternative bookstore in the East Village, is struggling to pay its rent to the Cooper Union for the Advancement
of Science and Arts, and the Cooper Square Committee is seeking at least 4,000
signatures on a petition to get Cooper Union to lower the rent,
Galleycat reported. St Mark’s was founded on the Lower East Side in 1977. The bookstore pays $20,000 a
month for the space in the base of a dormitory building, the Local
East Village reported. Bob Zuckerman, a member of Community Board 3,
said that was market rate. Still, the board’s Economic Development
Committee voted unanimously 9-0 to endorse the owners’ efforts to have
the rent reduced, saying the 33-year-old shop constituted a “special case”
because of its value to the neighborhood…. [more]
New York City has issued an official request for proposals relating to Applied Sciences NYC, its initiative to build or expand a state-of-the-art engineering and applied sciences campus at one of three city sites, Mayor Michael Bloomberg, Deputy Mayor Robert Steel and New York City Economic Development Corporation President Seth Pinsky announced today.
“Our offer is straightforward,” Bloomberg said of the proposal, initially unveiled in December. “We will provide prime New York real estate — at virtually no cost, plus up to $100 million in infrastructure upgrades, in exchange for a university’s commitment to build or expand a world-class science and engineering campus here in our city.”
The city is offering real estate at three possible locations, he said — Governors Island, Brooklyn Navy Yard, and Roosevelt Island. – Katherine Clarke… [more]
Now that rent stabilization laws have been renewed and strengthened for at least the next four years, the Rent Guidelines Board will vote today on how much landlords can raise rents in those units. According to NY1, board members will congregate at Cooper Union’s Great Hall this evening to consider rent increases of 3 to 5.75 percent for one-year lease renewals, and 6 to 9 percent for two-year renewals. The hikes would go into effect Oct. 1…. [more]
The city’s opening offer for as much as $100 million in real estate to an academic institution that develops a new graduate engineering school campus has drawn 18 proposals in its first, invitation round, Mayor Michael Bloomberg announced today. The city said in December that it would contribute both capital and properties, like the former hospital sites at the Brooklyn Navy Yard and Roosevelt Island, to a “top caliber” institution in order to attract more technology companies to the city. Among the array of international institutions that expressed interest in the project: Cornell University, Columbia University together with the City University of New York, the Cooper Union, Stanford University, Technion-Israel Institute of Technology, and the Korea Advanced Institute of Science and Technology. TRD… [more]
The city is seeking to lure a “top caliber academic institution” to open a new graduate engineering school campus with the promise of as much as $100 million in real estate and other public contributions, Robert Steel, deputy mayor for economic development, said yesterday. According to the New York Times, the city is concerned that it is falling behind its peers in attracting technology start-ups and may offer up properties like the former hospital sites at the Brooklyn Navy Yard and Roosevelt Island…. [more]