Sports Museum, Essex Card Shop to close, etc.
February 20, 2009 04:55PM
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The Sports Museum of America, at 26 Broadway, closed today until further notice. In the East Village, Two Boots on Avenue A has closed, and the planned expansion of the Essex Card Shop, also on Avenue A, has fallen through. Record store Etherea, at 66 Avenue A between 4th and 5th streets, is closing during the last week of February. Manny's Musical Instruments, on West 48th Street between Sixth and Seventh avenues, will close at the end of May. The entire street, known as Music Row, may eventually be leveled to make room for the expansion of Rockefeller Center. If the economy doesn't improve, chef Michael Miele of Gino, at 780 Lexington Avenue on the Upper East Side, said the restaurant will close. Store closings are increasing in Queens, where according to a survey by Representative Anthony Weiner, 211 of the 1,730 stores surveyed are closed or about to close. But in more positive news, after being shut down on Wednesday afternoon by health inspectors, Payard Patisserie & Bistro, at 1032 Lexington Avenue, reopened today. TRD
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Comments
Anonymous
Landlords, now do you understand? How about if YOU pay down your credit card balances and start living more responsibly, and stop expecting your properties to finance your lavish lifestyle. Real estate was always a long-term investment. It's returning to that. The go-go days are over. Figure out how to keep tenants happy... not alienate them. I was at a meeting yesterday where landlords were complaining about percentage rent as a way to bridge the gap in what they wanted and what the tenant wanted to pay. Too bag guys! That's just the way it's gonna be. Rent is going to return to levels that consumer spending is going to support. Sure, great locations are worth more. But that's not the point. Even great locations are worth less when consumers don't open their pocket books.
Comment #1 Posted By: Anonymous 02/20/09
Anonymous
The Sports Museum of America is a joke of a museum. Free passes are not hard to come by and the place is still always empty, who thought that would work down by Wall Street? Two Boots is undergoing a huge restructuring, they have expanded all across the country, yet in the process are shutting down their non-performing stores. I've never been to essex card shop, but from the look of it in the picture it doesn't strike me as a viable manhattan business. Same goes for record stores and any retail street thats entitled "Music Row" is sure not to last in this economy and that has more to do with IPODs then landlords. You cant blame everything on the greedy landlords.
Comment #2 Posted By: Anonymous 02/21/09
Anonymous
Who is the clown talking about landlords not understanding? Several of the officers of the Sports Museum of America are multi millionsires-i mean 100's of millions- The prior owner of the building the museum was located is one of the officers.... Also, Sometimes businesses close-up because the owners have made enough money over the years and just think it is time. YOU DONT HAVE TO GET SOMETHING FOR FREE JUST BECAUSE THE ECONOMY IS BAD.
Comment #3 Posted By: Anonymous 02/22/09
Anonymous
Not every landlord is greedy, over leveraged or insensitive. Sometimes, just like everyone else, they have a mortage to pay. That mortgage is contingent on a rent threshold calculated for that building. Every single building wiht a mortage has this breakeven threshold. Low leverage or High leverage you have to collect enough to cover the mortgage.... THATS NOT ALWAYS BEING GREEDY. ITS BUSINESS.
Comment #4 Posted By: Anonymous 02/22/09
Anonymous
Im sorry commenter #1. I didnt realize our nations economy is being crippled by NYC landlord's Credit Card debt. Many businesses will close whether rents are dropped or not. Also you never hear landlords complain when theyre locked into long term leases for less then market value. All of a sudden the tables turn and landlords are to blame.
Comment #5 Posted By: Anonymous 02/22/09