Manhattan Borough President Scott Stringer, joined by the President of The Cooper Union, Jamshed Bharucha, and the co-owners of St. Mark’s Bookshop, Bob Contant and Terry McCoy,  today announced that The Cooper Union and St. Mark’s Bookshop have reached an agreement  which will provide significant relief to the struggling bookstore located at 31 Third Avenue in the East Village.

Cooper Union has agreed to reduce the rent by $2,500 per month for one year and forgive $7,500 of a prior loan it made to the bookstore. St. Mark’s has agreed that, working with Cooper Union students, the relief will allow it to come up with a viable business plan not dependent on further subsidies.

“I am pleased that I helped engineer an agreement between Cooper Union and the St. Mark’s Bookshop that will allow this treasured community resource to remain open,” said Manhattan Borough President Scott M. Stringer. “I congratulate both sides for agreeing to new terms -- and I also want to salute the small businesses, independent bookstores, artists, and activists that have traditionally made the East Village so special. We need to encourage the great diversity of small businesses in our City, and with this agreement today Cooper Union once again demonstrates its deep commitment to the neighborhood, and a profound understanding of what makes it unique. I’m gratified that St. Mark’s Bookshop will continue to keep its doors open, and that the community will be the biggest winner of all.”

“Both The Cooper Union and St. Mark’s Bookshop reflect the independent and tenacious spirit of the East Village.  Despite our constraints, we felt it was important to help them because of what their presence means to our community.  We particularly thank Manhattan Borough President Stringer, as well as other elected officials, for playing a crucial role in crafting an agreement that provides the bookstore with the opportunity to remain at its current location,” said President Bharucha.  He added, “The best way to ensure the longevity of St. Mark’s Bookshop is for the thousands of people who signed petitions to buy more of its books.”

Messrs. Contant and McCoy said:  “We are sincerely appreciative of the rent concessions Cooper Union has granted us. Our bookstore and Cooper Union are both vital to the intellectual life of our community and we look forward to working together in ways that will benefit us both. We especially want to thank Borough President Scott Stringer for his invaluable efforts in negotiating this agreement.”

"This rent reduction doesn't just save a bookshop - it saves an East Village institution,” said State Senator Daniel Squadron. “The outpouring of support for St. Mark's is a testament to its place in our community. Thank you to Borough President Stringer for making this agreement a reality and to the community leaders who led our fight to save St. Mark's."

“I am extremely pleased that the coordinated efforts of passionate local residents, elected officials and Cooper Union have enabled St. Mark’s Bookshop to keep its doors open,” said Assembly Member Deborah J. Glick. “In addition, I am especially appreciative of the willingness of Cooper Union to work towards a collaborative solution that has enabled this venerable local institution to remain in the community. The overwhelming support that St. Mark’s Bookshop has received from the community is a testament to the importance of local businesses and we are thrilled this one could be saved.”

“I'd like to recognize the outpour of support by our community for the bookstore. Our voices were heard and St. Marks Bookstore was saved,” said City Councilmember Rosie Mendez. “I also want to thank Cooper Union for coming to the table and negotiating a deal that allows our community to keep one of our unique neighborhood institutions open for business. And now it's up to us to buy books and buy often.”

St. Mark’s Bookshop is a commercial subtenant of the Cooper Union, which leases retail space in the Third Avenue building.

The Cooper Union for the Advancement of Science and Art is a distinguished private college of art, architecture and engineering founded in 1859 by Peter Cooper, an inventor, industrialist and philanthropist.

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