Here’s a NYC real estate anomaly: a rent reduction.
A New York Public Library branch in Soho has signed a new lease that lowers its rent by more than 50% below what it negotiated during the run-up to the financial crisis.
Located since 2007 at 10 Jersey St. in the base of 285 Lafayette St., the library’s lease for 16,000 square feet was renewed two years early. The 30-year lease renewal has a starting rent of $37 per square foot, while its current rent is $76 per square foot, sources said.
The library occupies the ground, basement and subbasement of the former chocolate factory building — known as the former residence of music star David Bowie and real estate developer Ian Schrager.
Kushner Cos., which owns the Puck Building right across the street, paid $39.75 million for the 285 Lafayette retail condominium last summer. Both buildings sit between Lafayette and Mulberry streets just south of Houston Street in the Little Italy-Soho neighborhoods.
The Mulberry Street library is fully handicapped accessible and has no leaks. Along with other retail stores, the former industrial building has top floors serving as tony residential condominiums.