St. Mark's Bookshop crowdsources moving costs

The embattled St. Mark's Bookshop has a new defender. Lucky Ant, a year-old, hyper-local crowd-funding platform, is helping the 35-year-old East Village literary landmark raise the money it needs to move to a cheaper location. The online campaign, at Luckyant.com, launched Wednesday at midnight, with the goal of raising $23,000 in 25 days in small donations from the store's supporters. They'll receive what Lucky Ant calls "returns" on their "investment": a $10 gift certificate for a $10 donation, for example, or 15% off all bookstore purchases for a year, for a $500 donation. The economic downturn, online book buying, the rise of ebooks and increases in the store's rent have all taken a toll on the St. Mark's Bookshop, once a hangout for such storied literary figures as Susan Sontag and William S. Burroughs. It won a reprieve last fall, when its landlord, Cooper Union, agreed to a temporary $2,500 rent reduction following a petition drive by supporters that brought in more than 40,000 signatures. That reduction runs out in November, and subsequent hikes will bring the total to nearly $23,000 as of Jan. 1, according to a Cooper Union spokeswoman. The store says it pays around $18,700 per month. "It's in our interest to move as soon as possible, but we need to raise the capital to do that," said Bob Contant, co-owner of the store. He and co-owner Terry McCoy are looking to stay in the East Village and downsize to around 2,000 square feet from 2,700—and pay about half the... Continue reading at 'Crains New York'

[ Crains New York | 2012-07-26 00:00:00 UTC ]
News tagged with: #funds raised #creative projects

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