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Aren't there enough business closing/choosing not to renew leases to put market pressure on landlords to reduce rent or, at the very least, significantly reduce the size (%) of future rent increases? Are there really enough banks/pharmacies/chains to pay the highway robbery rents?
I heard landlords can buy some sort of insurance policy for rent vacancy that makes the arithmetic favorable to waiting several years for a high-paying tenant (as opposed to reducing rent and leasing to Mom-and-Pop).
Depending on the demographics of the neighborhood and zoning laws, there's never enough supply.
I have an inkling that zoning laws have more to do with it than anything. Stores have no choice but to pay the rents because they can't really go anywhere else.
There are a number of empty storefronts on 37th Ave in Jackson Heights, too. I have heard that the asking rents for retail are outrageously high. On 82nd St. near 37th AVe, several larger chains have gone in and smaller lesser-known stores have closed. Now there is a Banana Republic Factory Store, a Gap factory store and most recently a Sketchers store.
However, what never ceases to amaze me, is that so many independent pharmacies and 99 cent stores can afford the rent on 37th Ave, where the rents are supposed to be highest. How can one neighborhood support at least one independent pharmacy per block, when in addition to all those independent ones, we also have TWO Rite Aids, and TWO Duane Reades!!!
I always have a feeling there is some sort of scam going on with the pharmacies but I haven't figured it out yet.
There are a number of empty storefronts on 37th Ave in Jackson Heights, too. I have heard that the asking rents for retail are outrageously high. On 82nd St. near 37th AVe, several larger chains have gone in and smaller lesser-known stores have closed. Now there is a Banana Republic Factory Store, a Gap factory store and most recently a Sketchers store.
However, what never ceases to amaze me, is that so many independent pharmacies and 99 cent stores can afford the rent on 37th Ave, where the rents are supposed to be highest. How can one neighborhood support at least one independent pharmacy per block, when in addition to all those independent ones, we also have TWO Rite Aids, and TWO Duane Reades!!!
I always have a feeling there is some sort of scam going on with the pharmacies but I haven't figured it out yet.
Pharmacies? Senior citizens on Medicare and the unemployed on Medicaid have all the time in the world to cure their ailments. lol
Prescription drugs in a heavy medicare/Medicaid environment is a good business.
King's Highway is a dump. It's become more and more third world.
I grew up on Ocean Ave and J and used to visit Kings Highway all the time in the 90's. It was much more of a neighborhood back then. Now it's just crowded and dirty.
What was Kings Highway like in the 90's, I'm curious.
I only came here in the mid to late 2000's.
I wish it was a "dump" and third world - then rents wouldn't increase here.
Your point was that these stores were closing due to higher labor costs even though those labor costs don't come into full effect until 2018.
Now you're changing your point. These stores are closing because of substantial rent hikes, not because of labor costs.
No I never said it's all due to higher labor costs, it's in combination with higher rent. And minimum wage start this year, it's a progressive hike over a few years. It jumps to $11 by end of this year as well as paid sick leave. This makes a big difference for small businesses in conjunction with higher rent.
You opt for a $6 shave which can be done at home for a few cents yet you'll frequent the barber less if they raise their prices by a few bucks? Also, most people don't go to the barber 2X/month so you're much more sensitive to a price increase than their many other customers.
Yes I'm entitled to get a shave when I want to. You're telling me how I can spend with my money. I pay for convenience. I can save a lot of money by doing things myself if you want to go that route.
There are a number of empty storefronts on 37th Ave in Jackson Heights, too. I have heard that the asking rents for retail are outrageously high. On 82nd St. near 37th AVe, several larger chains have gone in and smaller lesser-known stores have closed. Now there is a Banana Republic Factory Store, a Gap factory store and most recently a Sketchers store.
However, what never ceases to amaze me, is that so many independent pharmacies and 99 cent stores can afford the rent on 37th Ave, where the rents are supposed to be highest. How can one neighborhood support at least one independent pharmacy per block, when in addition to all those independent ones, we also have TWO Rite Aids, and TWO Duane Reades!!!
I always have a feeling there is some sort of scam going on with the pharmacies but I haven't figured it out yet.
Oh god, I'm not one of those "gentrification is evil" people but it would suck if all the mom and pop stores in neighborhoods like that were replaced with chains
I just wonder why rents are going up all of a sudden this year?
I've never seen this before.
Businesses sign long term leases, such as 10 or 20 year leases. So when the lease is UP, the landlords hike the rent dramatically. All this means is that many of the businesses signed their leases at the same time. The other issue is that of competition from the new stores, from Amazon, and changing demographics.
The increase in popularity of this borough certainly is it. People from all over have been moving into Brooklyn. Even some food and merchandise has capitalized on this, With Brooklyn being mentioned as a brand. As places Like Williamsburg and similar areas become heavily populated, Their costs rise and people seek other areas. Kings highway and the area discussed here is further from the city but there is still easy accessibility to Manhattan. Even the area closer to the Bay itself is changing, With 2 large High rises going up.
Many areas further away from Manhattan in Brooklyn will eventually change also, With maybe really tucked away areas like Mill Basin, Gerritsen, Bergen beach and Marine Park staying the same.
As an Old School Brooklynite, I often post about "the good ol' days" and certainly miss the old places but change happens eventually. Some good, Some not so good. I remember the Kings highway Movie theater (the real one) Crossroads Dive bar and Adleman's. So my nostalgia like many runs deep.
Yes. Gentrification is complete in East River Brooklyn and Downtown Brooklyn is developing as a commercial/business district. All of this causes prices in real estate to rise without Brooklyn. Brooklyn has become a destination in it's own right.
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