MTA Proposes New Percentage-Based Rent Agreement for Grand Central Restaurants


MTA Proposes New Percentage-Based Rent Agreement for Grand Central Restaurants


The proposal needs the approval of the MTA board, which is set to meet later this month

With subway and train ridership still seeing major declines from the same time last year, transportation hubs like Grand Central Terminal remain virtually empty, significantly impacting the businesses within them. More than six months into the pandemic, the Metropolitan Transportation Authority is now proposing a new rent agreement for its Grand Central tenants, in the hopes that businesses will be able to stay afloat.

Under this new proposal, the agency will take a percentage of rent from the restaurants and other small businesses in GCT that will be based on gross revenue, according to Janno Lieber, the MTA’s chief development officer and the man overseeing the plan. Lieber declined to say what that percentage will be, but said the agency is in talks with the businesses to settle on a figure...
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RSK: I believe you will find more and more landlords going to this scenario with restaurants...it can be a win/win and of course a lose/lose as well.

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- - Volume: 8 - WEEK: 43 Date: 10/20/2020 7:48:20 AM -