I'm sad to hear about the closing of Stella. It was a great spot and I wish Evan and the team the best. From what I understand, the monthly rent for Stella was $40,000. Why would the landlord not want to negotiate with the owner Evan to get to a figure that would work in the short term to keep the restaurant able to operate? Who is the owner of this building and why was he/she not willing to work with this long-term tenant to keep this corner vibrant? What else does this landlord own? What can city do to help? That's why I am wondering. No one wins when such a prominent space stays empty, perhaps for a long time.
There will need to be a lot of landlord/tennant negotiations. The carnage from this lockdown will be 4-6 months away. If landlords dont give in and compromise, tennants will be forced to go and we will see a real estate collapse that will make 2008 look silly in comparison. Not only that but we will go into it with interest rates at zero, empty state coffers, and a fed balance sheet of 8-10 Trillion dollars. In 2008 it was 800 billion. It is still difficult tontell how this will end up.
Comments
Stella
I'm sad to hear about the closing of Stella. It was a great spot and I wish Evan and the team the best. From what I understand, the monthly rent for Stella was $40,000. Why would the landlord not want to negotiate with the owner Evan to get to a figure that would work in the short term to keep the restaurant able to operate? Who is the owner of this building and why was he/she not willing to work with this long-term tenant to keep this corner vibrant? What else does this landlord own? What can city do to help? That's why I am wondering. No one wins when such a prominent space stays empty, perhaps for a long time.
40000? per month?
WTF. I realize I am an old fart but I could buy an entire building in the South End in the 70s for about twice that.
First of many I’m sure
Stella was a great restaurant and I’m sad to see it go.
Very Sad
There will need to be a lot of landlord/tennant negotiations. The carnage from this lockdown will be 4-6 months away. If landlords dont give in and compromise, tennants will be forced to go and we will see a real estate collapse that will make 2008 look silly in comparison. Not only that but we will go into it with interest rates at zero, empty state coffers, and a fed balance sheet of 8-10 Trillion dollars. In 2008 it was 800 billion. It is still difficult tontell how this will end up.