New York Public Library Renews Its Soho Lease With a Big Rent Increase

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The New York Public Library has renewed its lease for a 16,000-square-foot Soho location, but its rent will double. 

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The library has inked a 30-year lease for its ground-floor space at 10 Jersey Street, according to the New York Post, which reported that the institution’s rent will rise from $37 to $76 per square foot under the new deal. NYPL has occupied the building, also known as 285 Lafayette Street, since 2007 and has chosen to re-up its lease two years early. The new lease will begin in 2021.

Kushner Companies owns the library’s home at the base of 285 Lafayette, a 10-story condominium building between Lafayette, Jersey, Mulberry and Prince Streets in Soho. Kushner purchased the retail condo for $39.75 million last summer, per the Post

Kushner Companies handled the transaction in-house, and the library did not have a broker.

Other retail tenants at 285 Lafayette include tattoo parlor Inked, Swedish furniture store BoConcept, Italian beauty brand Santa Maria Novella and an Equinox gym.

The brick loft building, a former candy factory, was expanded and converted to 30 apartments in 2002. A number of rich and famous New Yorkers have lived in 285 Lafayette, including developer Ian Schrager, musician David Bowie, and “Frasier” actor Saul Rubinek.