The Real Deal New York

Landlord seeks to triple revenue for Village retail space

Bookstore lease expires, rent hike estimated at $20,000
April 10, 2014 05:35PM

A Greenwich Village landlord is reportedly looking to double the rent for a retail space that Shakespeare & Company will soon vacate.

The ground-floor and below-grade commercial space at 716 Broadway, at the eastern end of Washington Place in the Noho neighborhood, has hit the market with the expiration of the Paris-inspired bookstore chain’s lease, the New York Observer reported.

The landlord, listed as Washington Place Apartment Corporation on property records, is asking $50,000 a month for the 5,000-square-foot space, Massey Knakal Realty Services broker Brendan Gotch told the Observer. Previous rents were estimated by a commercial leasing expert at around $30,000, or less if the bookstore had a long-term lease.

According to Gotch, the building owner is expecting to make triple what was made in nearly three decades. For now, the bookstore will stay on until a new lessee willing to pay about $120 per square foot comes along.

“It’s inconceivable that they’ll get [the space] for less than asking,” Gotch told the Observer. “They want to be careful and be sure they get the right tenant, so they’re waiting it out with the bookstore.” The building is also home to five co-op units on the upper floors, according to property records. [NYO]Angela Hunt

Correction: A previously published version of this article misstated the new asking rent