NEW YORK—An independent East Village bookstore has fended off the threat of closure after reaching a rent-reduction deal with its landlord, Cooper Union. After months of negotiations, St. Mark’s Bookshop received a $2,500 per month rent reprieve for a year as well as a $7,500 loan write-off.
Manhattan Borough President Scott Stringer helped negotiate the deal and made the announcement onsite on Nov. 3.
“One of the reasons why we are attracted to the wonderful neighborhoods of New York is because of our small special shops that create a unique opportunity for people to enjoy the diversity of this city,” said Stringer.
The storeowners initially approached Cooper Union requesting a $5,000 per month rent reduction. Cooper Union declined to respond immediately and the community, fearing the worst, took action. Joyce Ravitz and Frances Goldin of the Cooper Square Committee led an effort to collect more than 43,000 signatures from people vowing to buy books from the store.
Mauricio Veguera, art student and member of the student body fundraising committee, said the rent break was a generous gesture from the Cooper Union president. “It shows that there is a spirit of keeping the social mission of the Cooper Union.”
The financial concession from Cooper Union comes as the school is facing its own financial trouble. A post on the Cooper Square Committee’s Facebook page says: “Clearly, rental income from the St. Marks Bookshop is not going to have much effect on Cooper Union’s $16.5 million budget deficit this year.” Cooper Union has been providing free tuition in art, architecture, and engineering since 1859.
St. Mark’s Bookshop, established in 1977, is located on Stuyvesant Street and Third Avenue. The well-lit designer shelving and wide aisles set the store apart from chain stores. Meticulously arranged are general interest books as well as focused selections on cultural theory, graphic design, poetry, small press publishing, and film studies.
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