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New York Real Estate: Street Corners For Half A Million Dollars

by Marquette Turner

in Features, Money & Business, News & Views, Real Estate Radar

When the Metropolitan Museum of Art in New York auctioned the sales rights to two of its street corners, a hot dog vendor parted with $362,201 USD for the food-vending rights for one corner, and $81,701 USD for the other.


Why the vast difference in prices? Well, despite being only 100 feet away apart, the South entrance attracts approximately five million more visitors than the North Side. The vendor outbid his competitors by $65,000 USD a year to obtain the sales rights.

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Simon Turner

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{ 2 comments… read them below or add one }

simonturner August 13, 2009 at 4:15 am

Further to this story, the vendor outside the Metropolitan Museum of Art has lost his position because he couldn't pay the monthly bill of $64,596 AUD.

NY Daily news reports the man had agreed last year to pay almost $776,525 annually for rent – including the right to sell food and drinks from carts on either side of the iconic steps.

A worker at one of the carts told the paper it brought in just $1,200 – $1,800 a day, an amount not enough to pay the rent let alone cover costs and turn a profit. The vendor was $374,144 behind on rent when the eviction notice was issued.

If it sounds too good to be true!

simonturner August 13, 2009 at 11:15 am

Further to this story, the vendor outside the Metropolitan Museum of Art has lost his position because he couldn't pay the monthly bill of $64,596 AUD.

NY Daily news reports the man had agreed last year to pay almost $776,525 annually for rent – including the right to sell food and drinks from carts on either side of the iconic steps.

A worker at one of the carts told the paper it brought in just $1,200 – $1,800 a day, an amount not enough to pay the rent let alone cover costs and turn a profit. The vendor was $374,144 behind on rent when the eviction notice was issued.

If it sounds too good to be true!

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