“If you didn’t structure it like that, a lot of tenants would say, ‘Why rent now? Why not wait until Cuomo says we can open things up again?,’” he said.Īnother incentive: Blair gets to take over the roughly $12 million buildout the Playboy Club did on the space. OAR Management, owner of the hotel at 510 West 42nd Street, structured the deal so that Blair’s lease goes into effect only once those restrictions are lifted, according to Meridian Retail Leasing’s James Famularo, who negotiated the deal. Andrew Cuomo reintroduced Covid-19 restrictions on places like bars and restaurants last month. It’s a tricky time to begin working on opening a nightclub, as venues have been shut down since Gov. The asking rent for the space was about $75 per square foot. Nightlife impresario John Blair signed a lease for a 20,000-square-foot venue at the former Playboy Club at the Cachet Hotel in Hell’s Kitchen. New York City’s nightlife scene is dark for now, but one veteran club owner is betting on things bouncing back.
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