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NEW YORK CITY-Real estate publication Grid will close up shop Tuesday, June 18, after less than three years in business. The demise of the magazine and Web site is apparently a casualty of the economic malaise that has taken its toll on both the advertising and commercial real estate industries.

“It’s too bad, but not a surprise,” says Faith Hope Consolo,” vice chairman of Garrick-Aug Worldwide Ltd. “It was a beautiful magazine but a narrow audience. Architecture and design is not a world that spends a lot supporting publications.”

“Reed has shut down other titles and it sounds like ongoing cost cutting,” says Valerie Block, senior reporter at Crains New York Business. “If something’s not making money, there’s no excuse for keeping it going anymore.” Reed Business Information, formerly Cahners, is Grid’s parent company.

Consolo attributes the publication’s failure to lack of support for editor-in-chief Peter Slatin’s attempt to blend aesthetics with real estate. “It was a great idea to merge the worlds but I don’t think it was supported by the architecture and design community. Where were the ads from them?”

Public relations firm LVM Group president David Grant says that while he saw the magazine foundering, he is sad to see it go.”Clearly, in recent issues it got thinner and it’s a reflection of the economy,” he tells GlobeSt.com. “It filled a unique niche. It was both design and real estate oriented. It’s a shame.”

Grid employees, citing a moratorium on communicating with the press, confirm the shutdown but will not comment further, referring all calls to Reed’s corporate communications department. Grid occupies space in Reed’s Downtown offices on the fourth floor of 345 Hudson St. Calls to Reed were not returned by press time.

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