Another era ends
The legendary Colony record store, in the Brill Building on Broadway in midtown Manhattan, is going out of business. You think your rent is bad? Theirs was going up to $5 million a month.
UPDATE, 5:36 p.m.: Speaking of the Brill Building, today's the 50th anniversary of a happy event for some of that building's occupants.
| Posted at 1:45 PM | Permalink |
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Comments (8)
The story reminds me of my business that used to be on NW Broadway here in Portland. The landlord raised the rent every year and in 2009 it was going up to 10K per month. The economy had devastated my business and I asked the landlord for a small cut in the rent. He said no, I moved and the space is still empty. So far that is over $300K in lost revenue to what I asked to pay. Sometimes landlords don’t make the best business decisions. Anyway I closed the business and now I am not even living in Portland anymore.
Posted by John Benton | August 25, 2012 4:17 PM
How very sad. All the houses and spaces that sit empty are just so much waste.
Posted by Jo | August 25, 2012 5:21 PM
Somehow the guy was okay with rent of 1 million a month? Just that seems crazy. Jacking it up by a factor of 5, that's even worse.
Posted by Jo | August 25, 2012 5:23 PM
When they want you gone, for whatever reason, that's how it's done. It's the magic of the market.
Posted by Allan L. | August 25, 2012 5:37 PM
They probably want the space back for a cell phone store.
Posted by Jack Bog | August 25, 2012 5:39 PM
He must have had some awesome business to pay $1 million per month and still be profitable.
Posted by Jon | August 26, 2012 12:05 PM
What's really sad is that someone felt the need to blur out those faces in the photos. What has this world come to???
Posted by Peter J. Buick | August 26, 2012 10:09 PM
That's Google Street View for you. My guess would be that they don't really have to do it under current law, but they're trying to head off the political backlash against their Big Brother ways -- a backlash that could eventually lead to laws against what they do.
Posted by Jack Bog | August 26, 2012 10:11 PM