Morning Bulletin: Struggling Small Business Gets a Big Break, Douglass Houses in the Spotlight, Big Prices on the Hudson
Photo in Central Park by @nycwestside.
February 18, 2019 Weather: Cloudy with a high of 43 degrees.
Notices:
A library book sale and more local events are on our calendar.
News:
Gold Leaf Stationers at 201 West 89th Street, which was featured in the West Side Rag’s UWS small business profile series, got a new lease after the co-op board actually cut the rent on the space. “With annual revenue down 20% last year, Gold Leaf was on the verge of shutting down. ‘I had to negotiate lower rent or I wouldn’t be able to keep the store open,’ Yilma said. The 201 W. 89th St. co-op board called a meeting. The upshot: The rent on the 1,250-square-foot space was cut to $9,500 per month this year from $12,500, and increases on the store’s share of annual real estate taxes were capped. ‘This type of store adds value to the fabric of the community,’ said Guy Halperin, the co-op’s president. A vacancy, he said, would have cost the owners significantly. ‘It was a no-brainer to give him a rent break.'”
Federal housing official Lynne Patton, who oversees NYCHA, will spend several days at the Douglass Houses on the UWS this week. “Patton spent this past week at a the Patterson Houses in the Bronx to see firsthand what NYCHA residents deal with everyday. She’s expressed outrage with conditions after touring apartments and speaking with residents.She says President Donald Trump shares her opinion. Critics have called Patton’s NYCHA stay a publicity stunt.”
Riverside Boulevard, the neighborhood along the Hudson from 59th to 72nd, was featured in the Times real estate section. “The average closing price for the 12-month period ending Jan. 10, 2019, according to data provided by Warburg Realty, was $2,155,297; the active-listings average, including apartments in the more expensive Waterline Square, was $3,339,619.”
Correction: We originally had he wrong address for Gold Leaf.
I wish Gold Leaf well but its biggest problem is not its rent expense but fierce competition from local big box stores and online shopping.
The same could be said of most small retailers in the city.
Hopefully the $3K monthly rent reduction might help a bit but I’m curious what the long term holds for this store.
Helpful when quoting real estate pricing in a particular area of the neighborhood is to add cost per square foot units are fetching, average selling price alone is hard to gauge since there is no way to know the size of the unit.
Gold Leaf’s space is 1250 square feet (plus basement). At $9500 a month, they are paying $91/sq. ft.
Any idea how to contact Lynne Patton? I found her on twitter, but does she have an email?
It’s 201 W. 89th, not 210…..
Gold Leaf started life on Broadway and W. 89th Street, then moved and was sold to Yilma (not necessarily in that order(> I try to shop there when I can. Not everyone wants to buy 3 rolls of scotch tape at a time at Staples! Thanks for 201 W. 89th for being a reasonable landlord and recognizing small business realities.
Thank you to the coop board for doing the right thing for its tenant.
I wish more coops and people would try to patronize their local stores.
I cant imagine everyone in this neighborhood is pinching pennies and never going on trips.
Lets try to be a neighborhood that cares for its business people unless no one in this neighborhood owns a business other than a restaurant.
When you buy a pkg of printer paper think first about Gold leaf or when you need school or art supplies think first of the nearest store. They are the ones you go to when you are soliciting ads for your school or religious institution.
Many Co-ops do not own the retail space. The sponsors maintain it.
It sounds like Gold Leaf’s landlords did an intelligent analysis and realized that they could either constructively work with Gold Leaf to find a rate that will keep them there or have an empty storefront for months or even years. Last time I looked, $9,500 a month is a lot better than $0. I wish other landlords would be this smart.