30
Mar
Developer offers retail space at a discount
Original article published on Crain’s New York Business
Time Equities is offering the retail space at the base of 50 West St., a new condo tower under construction, for $95 per square foot to lure the right eatery, less than half of the rent usually sought in the area.
The developer of a 63-story condo tower in lower Manhattan wants an upscale eatery to occupy its retail space. Time Equities is offering below-market rent to lure a restaurant to the base of 50 West St., which is under construction, according to The Wall Street Journal.
Francis Greenburger, CEO of Time Equities, is asking a mere $95 per square foot for the two-story space. That’s a steal, considering asking rents in the area can run up to $200 a square foot.
“it’s more important to find the right restaurant than it is to get every last dollar for rent,” said Mr. Greenburger.
