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Greedy Landlord Forces Payard to Seek New Location

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Upper East Side: Not a great year for longtime Upper East Side bakery Payard. First they were shuttered by the DOH right after Valentine's Day, and now they might have to close for good. Crain's reports that Francois Payard has stated his intention to close the store and lay off all 74 employees this August if his landlord doesn't reconsider a recent rent hike. According to Payard the landlord is raising his rent by 50%, to $1 million a year: "The maximum increase I can bear in this economy is 20%,' said Mr. Payard...'Right now I’m looking for other locations.'" Perhaps the public shaming will lead the landlord to renegotiate, though he has a well established negative history with tenants.
· Upper East Side pastry palace may close [Crain's]

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