Genesis Bridal Shop on Clinton Street Falls Prey to Rent Hike
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Clinton Street is undergoing a seismic shift. It’s true that this area of the Lower East Side has been a foodie destination for years, due its designation as a restaurant row of sorts. But the gentrification of the blocks above Delancey seems to be accelerating at a clip. And it’ll only worsen with the advent of the seven-story condo building up the street, which caters to the 1% with apartments starting at $1 million.
Another mom-and-pop shop bites the dust. This time it’s the Genesis Bridal Shop at 97 Clinton Street, a local stalwart since 1983 (or thereabouts). Yesterday evening, the family-owned establishment was seen boxing up the contents of the store. Shelves taken apart and goods packed.
The store succumbed to the escalating real estate pressures plaguing so much of the neighborhood these days. Apparently, the building owner at 97 Clinton imposed a steep rent hike – more than double the current amount, in fact – which irreversibly affects the bottom line. Business is not what it once was to counteract such an increase.
The composition of this block has changed so much that these party supply stores, once in great supply, are now severely threatened. Nevertheless, Genesis Bridal shop is hoping to reestablish itself in a new location nearby.