Pier 17 Retail Shops Fear the Worst: Skyrocketing Rents

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Things were looking hopeful for the tenants at the Pier 17 mall at the South Street Seaport. After some back-and-forth, it seemed like they might have been able to capitalize on the summer season, rather than closing down in April so that the Howard Hughes Corp. could prep for a massive renovation. However, things didn't go so well at Thursday's City Council meeting.

Crain's reports that in addition to vacating in April, a lot of the tenants fear they won't be welcome to return: "None of the tenants, who have been asked to vacate Pier 17 by April 30, has been encouraged to come back to the new building, said [City Councilwoman Margaret] Chin, adding that rumors are swirling about the exorbitant rents Howard Hughes will charge in the future."

And then the conversation got ugly. Chin continued: "A dog grooming business in the neighborhood was told by Howard Hughes 'you can't afford what I'm going to charge.' We've heard as much as $300 a square foot. Is that true?" Christopher Curry, the senior vp of development, responded, "If I got $300 a square foot, I'd be very happy. We want to charge as much rent as we can."
· South Street Seaport developer grilled at hearing [Crain's]
· Pier 17 Shops May Be Able to Capitalize on the Summer After All [Racked NY]
· The Seaport's Pier 17 Mall Is Still Unable to Reopen After Sandy [Racked NY]