In the News: Sweetheart Deal for Gigino at Wagner Park

••• Retail rents are skyrocketing everywhere around here, unless you know Dennis Mehiel, chair of the Battery Park City Authority: “The BPCA has granted a two-year lease extension to Gigino’s at Wagner Park, a restaurant that has been housed in a publicly owned pavilion, located within a public park, since 1999. At the December 4 meeting of the BPCA’s board, Gigino’s was granted a continuation of the previous extension on its lease [with no increase], which was authorized in January, 2014. […] This translates to a base rent for Gigino of approximately $38 per square foot, per year, [Meanwhile] a restaurant space in the new 50 West Street tower […] is being marketed at $95 per square foot per year. A food services space that currently houses a Subway Sandwich shop on Greenwich Street (between Rector and Carlisle Streets) is currently being shopped for $114 per square foot per year.” It’s fishy enough to make you wish New York State had a special ethics commission—you know, like the one Governor Cuomo disbanded. —Broadsheet UPDATE: “The article is terribly misleading, even moreso than the Broadsheet article from which it is taken,” comments Reader. “The rent quoted is a base (or minimum) rent. What is actually paid in rent is 8.5% of the gross revenue of the restaurant. This is considered a “market” rent in both the real estate and restaurant industries. The total rent payments probably exceed the asking rents for the other spaces mentioned in the article. The total rent payments should be a matter of public record. Maybe that number can be published as well, to make the record straight.” If anyone has it, I’ll absolutely publish it.

••• “The Port Authority will pay 21st Century Fox and NewsCorp $9 million to move into 2 World Trade Center.” —Downtown Express

••• “Formerly the head chef of the Michelin star-rated Sushi Azabu in Tribeca, [Sinichi] Inoue brought traditional Japanese cuisine—marked by strict yet humble preparation—far uptown.” The Harlem restaurant is called Sushi Inoue. —T Magazine

••• “Gateway Plaza Settles with Residents Who Sued Over Windows.” —Broadsheet

••• “How a Stranger Helped One Man Rebuild His Life After Prison,” including learning how to cut hair at Tribeca Barber School on Chambers. —The Marshall Project

••• 46 Water Street is getting torn down. —FiDi Fan Page (with an assist from TC)

••• “The South Street Seaport is seriously having a banner week when it comes to fashion. In addition to the Brother Vellies and William Okpo sample sales taking place next to each other right now, designer incubator Seaport Studios is debuting its newest set of brands at 19 Fulton Street this morning.” —Racked

 

3 Comments

  1. Every contract “winner” is selected solely on the basis of paying back Cuomo’s political favors/donations. They gave the marina to a group that has never managed a marina! Re: Giginos, at least the food is good there, unlike at the Poulakakos restaurants (Pier A (also a gov’t funded sweet deal for him), Harry’s Beaubourg) which monopolize BPC and are awful.

    • It seems like they only thing a large group of posters on this site know how to do is make wild speculations without having any facts and bashing local businesses.

  2. The article is terribly misleading, even moreso than the Broadsheet article from which it is taken. The rent quoted is a base (or minimum) rent. What is actually paid in rent is 8.5% of the gross revenue of the restaurant. This is considered a “market” rent in both the real estate and restaurant industries. The total rent payments probably exceed the asking rents for the other spaces mentioned in the article. The total rent payments should be a matter of public record. Maybe that number can be published as well, to make the record straight.

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