According to Homstock and Schenker, a net lease on the property would buy the partnership time to decide how to develop the site later. He says there is "a strong likelihood that the city will rezone that neighborhood," loosening restrictions on building height, density and use. "We'd be thrilled to rent for five or 10 years. Things can only get better and better," says Schenker. They say decision to seek out a net-lease deal was also predicated on neighborhood gentrification, particularly the Alvin Ailey Dance Theater building slated to be built directly across the site from the Food Emporium site and the nearby Columbus Circle redevelopment.

Homstock says he doesn't anticipate any local opposition to the deal. "It hasn't been an issue. It's just a business decision by A&P," he tells GlobeSt.com. But John Fisher, who runs neighborhood watchdog Web site Hell's Kitchen Online, says that aside from lamenting the loss of the supermarket, the neighborhood is wary of the potential scope of future redevelopment at the site. "They probably want to sit on it until the economic cycle changes and then put up some gargantuan thing of 15 to 20 floors," Fisher tells GlobeSt.com. "I think there would be tremendous community opposition." Fisher also claims the deal stipulates a "restrictive covenant," prohibiting the use of the site as a grocery store or pharmacy.

Food Emporium employees confirmed the store would be shutting down operations on the 22nd but A&P officials would not comment on the sale.