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Has anyone been approached by their garage company to renegotiate their garage management leases? We currently receive a monthly rent of approximately $12.8 per month. The garage company wants a decrease to $10k per month and a 10 year extension (I chuckle) or a 28% decrease. Has anyone else been approached in a similar manner? If so, what was the resolution? We currently use Rapid Park and we have been approached by Chuck Heskett, their CEO.
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Yes, we just reduced our garage lease rent too. I spoke to every garage operator in NYC and they are all having financial problems. I also gave a 10 year lease but we will be sharing in their profits after the first year.
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