Fairway Market has come to an agreement with a landlord that would allow the retailer to keep its flagship Broadway store operating for at least another 15 years.
The agreement postpones the date at which the landlord controlling a building partly occupied by the store can close the space for renovations to 2029, from 2017. The agreement also provides Fairway the right to rent space in the building if and when it is reconstructed.
In exchange, Fairway has agreed to increase its base rent and grant the landlord rights to acquire development rights in the portion of the building owned by Fairway founder Howard Glickberg and his partners, Fairway said in an SEC filing.
The filing also detailed a new employment agreement for Glickberg, who serves as vice chairman of development for parent company Fairway Group Holdings. The deal increases his annual salary from $1.1 million to $1.35 million, to be paid in a combination of cash and restricted stock units, and extends the agreement through Jan. 18, 2016.
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