For more mom-and-pop shops, rising rents are pushing them out of business.
Faced with soaring rents they can't afford to pay, Avignone on Bleecker—a pharmacy in New York City's West Village—is among hundreds of small businesses that get the boot each month. The pharmacy has been in the city since 1832, and in its current location for 86 years, since 1929. Abe Lerner, the current owner, has been with the pharmacy for three decades. But next month, he'll be gone.
"The building was sold last August, and the new landlord wanted to basically triple the rent" to $60,000 from $20,000 a month, said Lerner, who was standing among in-store signs that read "30% off entire store."
"We were paying about $125 a square foot, and they believe they can get about $450 a square foot. To pay triple what I am paying now is just not doable for any business, unless it's a chain."
The name on the new property deed is listed as 226 Bleecker Street Realty LLC, whose address points to a Park Avenue hedge fund, Force Capital Management. The hedge fund did not return CNBC's requests for comment. Pharmacy owner Lerner got notice in December that he would be out by April 30 this year, per a clause in his lease.