Stressed retailers begging owners for huge reductions to sky-high rents
September 21, 2017 | Lois Weiss | New York Post
Saddled with market-topping lease and rental rates, stressed out US retailers have begun asking building owners for financial relief, claiming their rents are too damn high, sources tell The Post.
Faith Hope Consolo, who chairs Douglas Elliman’s retail division, said the calls started slowly in early September, but she is now getting queries every day.
It’s an “epidemic,” Consolo said, noting that “some tenants aren’t asking for relief but a 50 percent reduction. That’s pretty aggressive.”
