A misbegotten pas de deux with a rent-raising Manhattan landlord may force one of America’s best-known ballet schools into bankruptcy.Glad there's no inflation in NYC. Just joking.
Joffrey Ballet School for years housed students in a Grove Street building in the heart of Greenwich Village, just steps from its school on Sixth Avenue at West 10th Street.
The school was negotiating to buy the building in 2014 when the owners sold it instead to the Sabet Group for $24 million.
Sabet more than doubled the $40,000 annual rent to a crippling $108,000, according to Joffrey executive director Christopher D’Addario.
The school had 30 days to accept the new multiyear deal or else relocate the students.
Monday, June 13, 2016
Rent spike threatens to put famed ballet school out of business
The New York Post reports:
