Jeffrey’s Meat Market in Dire Straits, Redux
In response to our Friday post about tough times for Jeffrey’s Meats, a spokesperson for the New York City Economic Development Corporation, which controls the Essex Street Market, reached out to present their side of the story. To clarify some “inaccuracies and the reason for the rent increase.”
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First and foremost, there is reportedly no $8,000 renewal fee. That amount is the new increased security deposit due on the space, so Jeffrey’s business owes the remaining balance of $849. As for the rent hike, the NYCEDC justifies the higher amount, in part, due to the Market’s extended Sunday hours. His monthly cost on the space rose from $36.30 to 46.24 per square-foot. Last but not least, the spokesperson also explained that the NYCEDC is willing to discuss options to reduce Jeffrey’s overall footprint if need be, as “he is a viable and valued vendor at the Essex Street Market.”
Herewith, the official statement from the NYCEDC:
We’re tremendously excited that we’ve been able to open the market seven days a week, giving tenants an opportunity to raise more revenue. However, in this difficult fiscal environment, the City has to look carefully at every expense, and unfortunately we cannot afford the level of subsidy that we have given to tenants in the past. We would be happy to work with any tenant who wants to reduce their rent, so that we can retain the excellent vendors that make Essex Street such a great neighborhood resource and destination.
Either way, Jeffrey’s Meat Market remains in trouble, and is barely treading water at this point. The desperate attempt to solicit a buyer or investor via press release is evidence enough. Please stay, Jeffrey!