Inuvo Subsidiary Faces High Rent Costs in NYC

by Arkansas Business Staff  on Monday, May. 6, 2013 12:00 am  

Publicly traded Inuvo Inc. is still working on moving all its operations to Conway. One of its recent filings with the U.S. Securities & Exchange Commission shows that progress is being made:

A tech developer called Shopkeep Inc. has agreed to sublet the spot occupied by Alot Inc., one of Inuvo’s subsidiaries in New York.

It’s at 143 Varick St. in New York City. The filing states that the property is owned by Manhattan’s Trinity Church, which, The New York Times reported in April, owns 5.5 million SF of commercial real estate in the city.

Inuvo CEO Richard Howe told us in an email that Alot would eventually relocate to Arkansas with the rest of Inuvo’s operations.

“All of the businesses are moving here to Arkansas,” he said, noting that some of its New York and Florida team members will stay in those states and work remotely.

Oh, and the rent on the 14,000-SF office space Shopkeep is moving into? $48,544 per month after a $300,000 security deposit. Easing costs like that was a major part of Inuvo’s decision to move to Conway.

“While we do not disclose these costs, suffice it to say our lease in Arkansas is considerably less than our lease in NY,” Howe wrote.

 

 

Please read our comments policy before commenting.