Sunday, December 23, 2007

Breaking News: Soon To Be No More Virgins In New York City?

No I'm not talking about myself. Ha, ha, very funny. Jerk. The famed Virgin Megastores that grace both Union and Times Squares in Manhattan may be no more in the not so distant future. As a real estate professional by day (and blogger by day also actually, you think i actually work without clicking on this site!?!) I always jump at the chance to meld my two worlds.

The Union Square and Times Square Virgin Megastores occupy prime real estate locations. And they have been located at their respective sites for years and years. Which means one thing: paying WAY below market rents for their massive spaces. So, their landlords did the only thing they could. They bought the freaking company. Yup, Related and Vornado, two of the titans of Manhattan real estate, and the owners of the 14th Street (Union) and Broadway (Times) located stores, jointly purchased all 11 of the Virgin stores in North America for the main reason of ending the long term leases that these two locations enjoy. Damn capitalism.

New York Post

Where the hell am I going to buy a Sex Pistols lunch box or a plastic Yellow Submarine bath toy?

2 comments:

WeightStaff said...

Looks like the West Hollywood location is disappearing as well:

http://www.variety.com/article/VR1117978100.html?categoryId=16&cs=1

DL

Some Dude said...

I have a love/hate relationship with the Virgin Megastore - but ultimately if they close I'll end up missing paying 17 dollars for a CD.