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Manhattan landlords resorting to tenant freebies

Tenant-improvement allowances are now a key part of new leases; the sweeteners signal that the balance of power is tilting toward merchants after a relentless surge in rents

New York

MANHATTAN landlords, who have seen retail occupancy plummet after boosting rents to record levels, are trying to avoid big price cuts. Instead, they're writing cheques for things like interior redesigns and moving expenses to keep storefronts from going empty.


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