"That took $25 to $30 million to restore; to build it new today, in a comparable space, would cost $100 million, at least."

For comparable space at his previous address, the annual rent was $92,000, including maintenance and other charges, he said.

It also costs about $30 per square foot, roughly 30 percent less than comparable space in Washington, real estate agents said.

As a result, he added, rents on the waterfront could be 25 to 40 percent lower than those for comparable space in Manhattan.

Her rent is a bargain, she said, because comparable spaces now cost as much as $4,500 a month.

After all, we have no other space comparable to it at this scale but for Grand Central.

Asking prices have been pushed down by maintenance fees that are far higher than for comparable space uptown, he added.

Mr. Dillon said it would be difficult to find a comparable space in the area to replace his bar.

"In that neighborhood, a comparable space would rent for $20,000 a month."

But much will depend on its ability to find comparable space.