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Thursday, March 26, 2009

Perhaps Manny's Music Isn't Closing

While we keep hearing that the venerable Manny's Music will close on May 15th, now comes this from the MI industry magazine Music Trades:
Contrary to previous website reports, the legendary Manny's Music of New York City is not closing any time soon. Sammy Ash, vice-president of Sam Ash Music, the parent of Manny's, reports that his family-owned company is currently in lease negotiations for the Manny's location on 48th Street as well as several nearby Sam Ash stores. Given the current New York City real estate market, he adds, "We are confident that we will be able to secure favorable lease terms."

The widely reported problems in the finance industry have fallen particularly hard on New York City, where office vacancies currently are at an 18-year high. Ash states, "It really is a buyer's market right now."
That being said, a friend personally confirmed the closing from a Manny's employee after reading the story here. The employee said the Manny's staff had a meeting where they were told that GE bought the property and the lease wouldn't be renewed.

Perhaps GE has decided that the time isn't right for expanding Rockefeller Center, and renewing the lease for another term would be prudent. We'll know for sure on May 15th.

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