Boston Herald

Faneuil Hall landlord could face eviction

City contract holder $2M behind on rent

- By erin Tiernan

The landlord for Boston’s Faneuil Hall Marketplac­e that clashed earlier this year with city officials over its unwillingn­ess to provide relief to merchant tenants who fell behind on rent amid the coronaviru­s pandemic is now more than $2 million in arrears and facing its own eviction, city officials said.

Ashkenazy Acquisitio­n Corporatio­n has “failed” to pay the city since August and now owes $2.1 million, according to a notice of default sent by the Boston Planning & Developmen­t Agency on Tuesday. The company has 10 days to pay up or prepare to move out, according to the BPDA.

“Based on their failure to stay up to date on the required (payments) to the City of Boston, we have determined it is necessary to move forward with a notice of default. As the landowner of the historic property, we will continue to take all the actions within our power to support the small businesses that make Faneuil Hall Marketplac­e the successful and beloved destinatio­n that it is,” BPDA Director Brian Golden said in a statement.

Boston owns Faneuil Hall, but Ashkenazy serves as the landlord to the marketplac­e’s more than 40 businesses under terms outlined in a 99-year lease. Per the decadesold agreement, the company pays just $10 a year in rent and instead of property taxes, pays fees each year to the city based on prior revenues.

The tourism-reliant restaurant­s and retail shops inside Fanueil Hall have been hard-hit by the coronaviru­s pandemic that spurred widespread business shutdowns. More than a quarter had shuttered as of late August, according to the city.

Golden said the city was “disappoint­ed” when after months of negotiatio­ns with Ashkenazy in support of the locally owned small businesses the company was

“unable to provide the necessary financial relief to support the Faneuil Hall merchants.”

In addition, the BPDA discovered that there was a lien placed on the property, which is not allowed under the lease terms that Ashkenazy signed in 1975 with the former Boston Redevelopm­ent Authority.

The company has 30 days to remove the lien, according to the default notice.

 ?? NICOLAuS CzARnECkI / hERALD STAFF FILE ?? SPARSE ATTENDANCE: The Food Colonnade at Faneuil Hall Marketplac­e is nearly deserted after reopening in July.
NICOLAuS CzARnECkI / hERALD STAFF FILE SPARSE ATTENDANCE: The Food Colonnade at Faneuil Hall Marketplac­e is nearly deserted after reopening in July.

Newspapers in English

Newspapers from United States