NEW YORK CITY-Barnes & Noble, the largest bookstore chain in the US, has announced plans to close its four-story bookstore at West 66th Street on Broadway when its lease ends in January 2011.
With average asking rents across Broadway and Columbus Avenue having increased almost 25% over the past 10 years, Barnes & Noble had no choice but to not renew its lease. The average asking rents in 2010 is $128 per square foot when compared to $103 per square foot in 2000. For the full story, go to The Wall Street Journal.
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