Friday, January 10, 2020

Neir's Tavern: Saved!

Good news! After an outcry from the public and small business activists, Neir's Tavern has received a new lease. One source in city government informed me that the owner of Neir's will receive 5 more years on the lease and right of first refusal to purchase the building should it go up for sale.

The #SaveNYC rally to save Neir's will now be a celebration--and a rally to fight for commercial rent regulations in New York City. Because there are many more small businesses being crushed by landlord greed.

Come out to Neir's tomorrow, Saturday, at 2:00pm--bring signs, make noise, fight to save NYC!

View the Facebook invitation here




4 comments:

Brian said...

Yay!

JM said...

Why did the landlord have to be socially bludgeoned to renew the lease?

Shithead.

Mitch said...

Some interesting numbers and details appear in the NY Times article that talked about the reprieve. The old rent that the bar was paying was $2000. A new landlord bought the building for $1.3 million a few years ago and raised it to $3000. The proposed new rent was $5000, but the new deal was for a lower figure, not given in the article. The landlord thought that the paperwork was out of compliance for the building, he would have a hard time getting a mortgage. The city gave him a loan and worked to get him the paperwork, which is a great outcome for the

https://www.nytimes.com/2020/01/10/nyregion/neirs-tavern-closing.html

None of these are the sort of crazy figures we are used to hearing about. The monthly interest on a $1 million commercial mortgage is nowadays about $3500, and there are of course other expenses in running the building, so this rent is not utterly crazy. The bar will be vulnerable to interest rate increases unless it can find a way to get more revenue. Maybe all the press it just got will help it build more clientele.

Unknown said...

This brings more questions than answers.

For starters, this building has been for sale for a while at the price of $2.388 million. The seller/landlord purchased the place for $1.35 in December of 2018. They want to make a million dollars in one year on the building. What does a statement like "right of first refusal to purchase the building should it go up for sale." even mean? It is for sale.

I would like more details as to what the building owner is going to provide in verification that the $90,000 grant the city is giving for building improvements will actually be used for that purpose.

I am happy that they were able to keep the business going but they are still very much in jeopardy in my opinion. It worries me to see the landlord hold a business hostage and I am particularly concerned about the precedent it sets.

Rachel in Queens