Posted in music | venues on February 6, 2009

MErcury Lounge

"There has been an exodus of live music from Downtown Manhattan recently, and the Lower East Side has been one of the hardest hit 'hoods--losing rock clubs such as Tonic, Luna Lounge and the somewhat short-lived Rothko over the past few years. Is the Mercury Lounge the next to go? The building that houses the famed venue has just hit the market through brokerage Massey Knakal with a price tag of $6.5 million. The five-story walk-up at Houston and Essex Streets--sandwiched between a nightclub and the towering new luxury rental building The Ludlow--has eight apartments (six of them currently rent-stabilized) and a billboard in addition to its commercial tenant. Don't panic: the listing indicates the club isn't going anywhere, and according to broker Philip Huang, the Merc's lease runs until 2018. Phew!

Can a new landlord boot the club come 2018? Well, according to the sales flyer on the listing, the Mercury Lounge has an option to renew for five years at fair market value. The club currently pays $20,000/month in rent, with a 3.5% annual increase. Noisy rock-'n'-rollers aside, the new owner's first mission might be to increase the revenue taken in from that east-facing billboard on the building's facade. According to the paperwork, the current deal (expires 12/31/2010) only nets the landlord $850 per month." [CURBED]

The Giraffes play Mercury Lounge tonight (2/6).

Saturday is The Pains of Being Pure at Heart (the latest recipients of Best New Music), Cause Co-Motion, The Depreciation Guild, and ZAZA (sold out).

Sunday is Lucero (sold out).

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Comments (15)

Sin-E (the second one) was a favorite of mine that is no longer around..

Posted by Anonymous | February 6, 2009 1:10 PM

20k a month!

jesus

Posted by nick20 | February 6, 2009 1:16 PM

The little club that keeps on giving (good music). Long live the Merc.

Posted by drewo | February 6, 2009 1:21 PM

$20,000 a month seems very very low in my opinon! Less than $700 a night. I am sure they cover that with the bar and a show.

Posted by Anonymous | February 6, 2009 1:34 PM

they could make it all age. but that would suck.

Posted by Anonymous | February 6, 2009 3:06 PM

"$20,000 a month seems very very low in my opinon! Less than $700 a night. I am sure they cover that with the bar and a show."

So all their money should go to rent?
What do landlords do, but sit there and collect money?

Posted by Anonymous | February 6, 2009 3:10 PM

When someone buys the building and knocks it down to put up condos, their lease wont mean squat.

Posted by Anonymous | February 6, 2009 3:18 PM

"What do landlords do, but sit there and collect money?"

A building this pricey, yeah, but they have to pay a nice chunk of change to people to manage and maintain the building, on top of the expenses they'd pay anyway if they did those things themselves.

Prospective buyers of this property might intend to hold onto it until the Mercury Lounge's lease and its option are finished, and hope to outlast or buy out the rent stabilized tenants, all the while making little (if any) profit, in the hopes that come 2018 or 2023, they can sell the property for a lot, lot more than they pay for it now. Must be an extremely rich person (or group of people) who can park that much money for so long.

Posted by Anonymous | February 6, 2009 3:43 PM

Ah, Giraffes! I'm going

Posted by Anonymous | February 6, 2009 4:17 PM

yeah, scew people who own property. they all suck. what is this, some sort of free market?!

Posted by Anonymous | February 6, 2009 5:19 PM

$700 a night? what about the insurance $? what about paying employees? what about advertising? what about maintenance?
i see a duane reade in their future.

Posted by lux | February 6, 2009 6:53 PM

charge more for rock n' roll !
yay ! that's what's making
the new york scene sooooo siiiiick dude !

syke !

Posted by Anonymous | February 9, 2009 11:46 PM

did you all forget that the merc is not a mom and pop operation but a part of the bowery presents empire? who do you feel sorry for?

Posted by danny boy | February 10, 2009 4:14 PM

"did you all forget that the merc is not a mom and pop operation but a part of the bowery presents empire? who do you feel sorry for?"

The "bowery presents empire" started out as just some dude who decided to open a small club (Mercury Lounge). Now they are kicking ass. That doesn't make them any less awesome.

Posted by Anonymous | February 10, 2009 4:34 PM

It was actually two dudes, but who's counting.

Posted by Anonymous | February 10, 2009 4:35 PM

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