What it’s like to negotiate with restaurant landlords right now
: Yeah. That landlord is someone who, I hope Delores doesn’t mind me talking about a little bit, but Delores is a very diligent worker. She’s so smart, she’s so organized, she communicated at every turn, she wanted this woman, her name is Shelley, she wanted Shelley to be happy at every turn. And I just feel like Shelly did not even meet her halfway. From the time she signed the lease, they dragged their feet on doing the work that they were supposed to do.
Some people are very invested in making a neighborhood nice because they bought 15 buildings in that neighborhood. But this woman has been difficult from start to finish, and so if somebody came to me saying, “I want to sign a lease here.” I would probably strongly recommend against them doing so. She’s proven herself to be someone who is completely unreasonable.
“When I talk to brokers, they always say it takes at least 6 months, if not 12 months, for market rents to reflect the situation on the ground.” So I don’t think that these rents that I’m seeing are super, super below market, but they just are spaces that people saw were available and think that they can support with a take-out and carry-out, take-out and delivery, only. Nobody’s going to sign a lease right now if the rent is so high that they need to dine-in or that they need to have dine-in alcohol or that they need a cafe or outdoor seating section.
So rents will drop and some rents will drop a lot, but it’s all going to depend, I think, on that exact landlord’s situation, the trouble that they’re in with their bank or whatnot. And I don’t know that it will be neighborhood-specific, and I think there probably are certain neighborhoods that are, I think the West Village, I think of Soho, where rents are just consistently high because people just walk around those neighborhoods.
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