Soho’s rapidly rising rents have just taken another victim, this time the neighborhood institution potentially being booted is the area’s beloved MoMA Design store at 81 Spring Street. Crain’s reports that the owner of the three-level, 14,500-square-foot space wants an annual rent of $2.5 million—that’s three times more than what the area was asking when MoMA took up residency over 13 years ago.
The store’s lease will come up for renewal in July 2016 and they’re currently negotiating new terms. However, Crain’s reports that it’s unclear if a fair rental price can be found to suit MoMA’s budget.
“[MoMA] was there when the rents were more reasonable,” said Marvin Rosenberg, senior managing director at Colliers International, the exclusive leasing agent for the retail property. “[The landlord] would be happy to have MoMA stay and he would try to accommodate them, but we’re not sure they can afford market value.”
The rent, which is said to actually be a bargain for the area, comes to about $450 a square foot for the 4,500-square-foot main floor, and $90 a square foot for the 5,600-square-foot basement retail space. There is also a 4,400-square-foot sub-basement storage room. On nearby Broadway, retail spaces are being leased for around $900 per square foot.
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Neighborhoods : Soho