Dermot leases space by slicing it in half

December 02, 2008 02:54PM

Some landlords are choosing to subdivide their retail spaces
to make them more appealing to prospective tenants. Dermot Company,
which owns
84-86 Allen Street between Grand and Broome streets, chose to split
what it had
been marketing as one 3,300-square-foot retail space. The company then
signed two five-year leases for 1,650 square feet each with Winda
Restaurant Supply
and New Century Travel, a tour bus operator. The asking rent was $60
square foot, much lower than the almost $100 per square foot asking
rents found
in the neighborhood a few months earlier.

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