McNally Jackson Books Faces $500K Rent Hike
Last week, we broke news that McNally Jackson Books is leaving its Prince Street headquarters next spring after fourteen years on the block. Eponymous owner Sarah McNally allayed the sadness by saying that they settled on a new space nearby.
Reason for the abrupt departure is an astronomical rent hike. Until now, amount of the increase was not known, only that it was “an enormous amount of rent.”
During the “Rally for our Neighborhoods” on the steps of City Hall last weekend, Ms. McNally spoke about commercial rent. She admitted that the annual outlay on the bookstore at 50-52 Prince Street went from $360,000 to $850,000. That’s a near-136% increase.
Real estate listings show what brokers want for the space. Scope the rendering above.
McNally Jackson will close when the lease expires in June 2019. The next chapter is coming soon, though. McNally told amNY last week that “she now has a contract on one space [in the same neighborhood] and has also identified another as a backup.”
Sarah McNally of McNally Jackson bookstore at press conference on City Hall steps speaking about commercial rent hikes. The Soho bookstore will close after landlord requested 850k/yr up from 360k
— Rosa Goldensohn (@RosaGoldensohn) October 17, 2018