And another one bites the impossibly overpriced dust.
With New York City's property value rising higher than the ridiculous sky-high high-rises that no one can afford to live in, and stores closing up shop left and right, it's becoming increasingly difficult for independent shops to remain open.
Unfortunately, Fontana's Bar has succumbed to the impossible ultimatum of compromising values and vision due to financial pressures or closing their doors for good.
After 12 years on Eldridge Street on the Lower East Side, steep rent hikes have forced them to choose to close down this upcoming spring, rather than alter their business values.
Fontana's is run by Holly Ferrari, Mary Finn, and Deannie Wheeler. They gave The Lo-Down this statement:
"We would like to thank our loyal customers, the bands that have played and our family of employees for an amazing 12 year run. As proprietors it's been wonderful to serve the community in which we've lived, worked, and played for over 23 years."
Fontana's statement goes on to succinctly state the difficulties that many small New York City businesses are facing with the economic boom of the city:
"It has become increasingly hard to be an independent business in New York city (sic) without compromising your vision. Choices get made due to economic strain and we are no longer willing to bend to that pressure."
"We set out to operate a neighborhood rock bar and that has become economically unfeasible. It's been a wild ride. Please stop by so we can say goodbye."
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Fontana's has been a neighborhood favorite with over a decade of incredible bands, trivia, and stand-up comics passing through their doors.
After the Zarin family sold the building in which Fontana's is located in 2008, they have faced steep rent hikes.
Fontana's ownership was forced to choose between closing shop or signing a lease at $30,000 a month, an increase of 3-times their rent prior to the sale of the building. Pour one out for the LES. Fontana's will most certainly be missed.[via The Lo-Down] [Feature Image Courtesy HeavyPlanet]