St. Mark's Bookstore Lives- the Cooper Union Response

My latest email from the president's office:

In response to your recent email to me regarding a request by Cooper Union's
subtenant, St. Mark's Bookshop, I am pleased to let you know that an
agreement was reached with the co-owners on November 2, 2011. The owners
had originally requested a $5,000 a month decrease in their current rental
rate for the premises at 31 Third Avenue in the East Village. The settlement
reached was to reduce the current rent by $2,500 per month for one year and to
forgive $7,500 of a prior loan The Cooper Union made to the bookstore. In
return, St. Mark's agreed to work with Cooper Union students to come up with a
viable and sustainable business plan that is not dependent on any further
subsidies. At a press conference convened by Manhattan Borough President Scott
Stringer on November 3, I remarked that both The Cooper Union and St. Mark's
Bookshop reflect the independent and tenacious spirit of the East Village and
that despite our own constraints, we believed it was important to help them
because of what their presence means to our community.

At this time, I would like to reiterate my thanks to Borough President Stringer
for playing a crucial role in crafting an agreement that provides the bookstore
with the opportunity to remain at its current location, and would like to
acknowledge the input of several elected officials in the area, State Assembly
Member Deborah Glick, City Council Member Rosie Mendez, State Senator Daniel
Squadron, members of Community Board 3 and the leadership of the Cooper Square
Committee. I also recommend that all of you stop by the store and buy more
books.

Thank you for your passion and support.

Jamshed Bharucha, President,
The Cooper Union for the Advancement of Science and Art