Rent control might be running out by the decade’s end, but some rent-controlled tenants gladly pay their double digit rent and plan to pass it on to future generations, much to their landlords (and lawyers’) dismay.
Consider the case of two elders in Soho–Thomas Lombardi and Robert Cohen—who have been paying $55.01 and $71.23, respectively, for their apartments, according to the Post.
As Soho continues its 20-year transformation from bohemian enclave to luxury retail bazaar, brands like Apple and Uniqlo have added to the neighborhood’s near impenetrable aura of luxury and glitz by converting old spaces into fashionable shopping destinations.
But simply boasting a Soho address isn’t always enough for some retailers.To M.A.C. Cosmetics, which operated a storefront on 113 Spring Street for more than 15 years, foot traffic appeared enviously higher throughout the nearby Broadway corridor.
“They were definitely leaving some money on the table by not having all the footfall that Broadway provides,” said Robert Cohen, 39, a Robert K. Futterman & Associates retail broker who represented M.A.C. Cosmetics in its move earlier this year to Broadway.
Italian denim dealer Diesel has leased 1,600 square feet on Lafayette Street to give its 55DSL line a boutique space all its own.
The line was previously relegated to a small section of Diesel’s Union Square location.
“The retailer’s 55DSL brand is targeting young men and women with a strong Read More