Sad news from New York City: Posman Books, which has had a 5,000-square-foot space in Grand Central Terminal for "15 wonderful years," must vacate the space by the end of the year because of the Terminal's plan "to upgrade and improve pedestrian circulation," Posman's Robert Fader said. He added, "We have been in discussions with Grand Central for several years, but they have been unable to find us a suitable location. Needless to say we are very sorry to be leaving."
The Posman Books location is under the proposed One Vanderbilt project, a 65-story office building that would tower over the Terminal; its owner is offering to pay for $210 million in Grand Central pedestrian passageway and subway platform improvements.
After the closing, Posman's location will be used temporarily by the Terminal for storage for new restaurants planned for Vanderbilt Hall.
Posman, which also has stores in the Chelsea Market and Rockefeller Center, is planning to open its new, 2,000-square-foot location in Brookfield Place (the former World Financial Center), next to the World Trade Center complex, in March 2015.
Posman's departure from Grand Central is another case of the negative effect New York City real estate prices and dynamics have on bricks-and-mortar bookstores. In April, Rizzoli Bookstore had to close its elegant shop on W. 57th St. because the building was being demolished for a new project; since then, Rizzoli has found new quarters on Broadway between 25th and 26th Streets. It plans to re-open in the spring.
Potterton Books, which in July closed its store in the D&D Building lobby at 979 Third Ave. (between 58th and 59th Streets), has re-opened on the fourth floor of the New York Design Centre, 200 Lexington Ave., between 32nd and 33rd Streets. The company specializes in design and decorative arts books; its headquarters is in North Yorkshire, England, and it also has a shop in Chelsea in London.
And just last week, Barnes & Noble, which has the only general bookstore in the Bronx, said it was closing that branch because of rising rent. But after community protests and the intercession of Bronx borough president Ruben Diaz Jr., the landlord agreed to extend B&N's lease for two years with no increase in rent.