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After rumors swirled in the spring that the MoMa Design Store on Spring Street was relocating due to high rent, the museum outpost thankfully ended up renewing its lease on the 15,000-square foot location. This decision comes after negotiations with the landlord, who wanted to up the asking price while obtaining a tenant who maintained a stable business, reports Crain's New York. But after receiving other offers for the space, it became clear those two demands couldn't co-exist.
MoMa's search for a cheaper alternative that still gave them the benefit of a high-profile location was equally as fruitless, causing the two to eventually come to a deal in hopes of continuing the current set-up. The asking rent lingered around $450 per square foot, and $90 per square foot when it came to the basement space below.
The increase in Soho retail rent in general coincides with growth of the area's art scene, which now hosts many more upscale boutiques and chains to complement the changing clientele. But the MoMa design store got there before most — 2016 will mark its 15th year at the corner of Crosby and Spring Streets.