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Interesting photo essay. Had no idea things were that bad down there. I mean with all the money and so forth below 14th Street you'd think retail would be booming. Guess persons who pay 20 million for a brownstone aren't bothered.
Well with the real estate/rent prices in the area, I can see why they're empty and will remain empty. Seems as if the only corporations that can afford to occupy these area's are chain pharmacy's (CVS, Walgreens, etc) and Banks which the neighborhood is already saturated with!
The title of her photo essay is a misnomer. The buildings are not abandoned. I'm sure people are still living in apartments on the upper floors. Real estate is too valuable in the Village these days to have owners walking away. Rather, the storefronts are vacant, and they're vacant because the owners are holding out for top rents instead of cutting someone a deal. I guess it's still depressing, but not as bad as having real abandoned buildings around, being targeted for arson, breeding rats, etc.
The title of her photo essay is a misnomer. The buildings are not abandoned. I'm sure people are still living in apartments on the upper floors. Real estate is too valuable in the Village these days to have owners walking away. Rather, the storefronts are vacant, and they're vacant because the owners are holding out for top rents instead of cutting someone a deal. I guess it's still depressing, but not as bad as having real abandoned buildings around, being targeted for arson, breeding rats, etc.
This sounds like a more realistic assessment of the situation.
I have seen several prime locations like this hold out for top rent for months or years. Specifically, the shoe store that was next to whole foods in union square closed up and that store sat vacant for almost two years. That area is unbelievably heavily trafficked, and I am sure rent there is quite the premium. Also, there were new luxury condos built on the south side of Houston street at mulberry - the entire bottom floor is commercial, which has not been filled in two years. You can probably tell that story 1,000x over throughout the city.
It will be interesting, not just in the city but nationwide, what happens to all the physical bank locations. Retail banks just don't need phyiscal branches that they used to, and that will only become more pronounced as time goes by. There are A LOT of banks taking up expensive retail space that they will likely pull back when their leases are up.
I have seen several prime locations like this hold out for top rent for months or years. Specifically, the shoe store that was next to whole foods in union square closed up and that store sat vacant for almost two years. That area is unbelievably heavily trafficked, and I am sure rent there is quite the premium. Also, there were new luxury condos built on the south side of Houston street at mulberry - the entire bottom floor is commercial, which has not been filled in two years. You can probably tell that story 1,000x over throughout the city.
It will be interesting, not just in the city but nationwide, what happens to all the physical bank locations. Retail banks just don't need phyiscal branches that they used to, and that will only become more pronounced as time goes by. There are A LOT of banks taking up expensive retail space that they will likely pull back when their leases are up.
I cant think of too many if any independent types of businesses that would be successful enough to turn a profit all the while paying these sky high rents on top of all the overhead.
The title of her photo essay is a misnomer. The buildings are not abandoned. I'm sure people are still living in apartments on the upper floors. Real estate is too valuable in the Village these days to have owners walking away. Rather, the storefronts are vacant, and they're vacant because the owners are holding out for top rents instead of cutting someone a deal. I guess it's still depressing, but not as bad as having real abandoned buildings around, being targeted for arson, breeding rats, etc.
Some of the buildings seem to be totally empty but yes did wonder about the residential portion of these places.
Most likely the tenants are RS or RC and perhaps the properties are being emptied out in that slow death NYC fashion. That is when a tenant vacates (dies, moves out etc...) the apartment isn't rented but left empty. This warehousing will continue until the building is truly empty which then will up the price.
Saving grace is many of these buildings lie within the various historical districts down there; that would make any development plans possibly difficult.
Being as all this may can remember back in the 1980's Greenwich/West Village was a shopping/commercial mecca. Would go from 8th Street starting at Sixth all the way to Third Avenue almost every Saturday. Sixth, Seventh and Broadway were also major commercial destinations.
Thing about The Village then was from roughly 8th Street to really up into Chelsea there were so many unique and fun little shops. Oh and don't get me started about Union Square/14th Street back in the day....
Landlords can afford to leave these properties vacant because the loss in rent come off their taxes. So in essence we other taxpayers are subsidizing their greed.
This essay makes it seems as though there's a glut of available real estate that no one wants in the Village. It's misleading. Landlords simply don't want independent donut shops or small boutique stores...they want big names. Considering a typical commercial lease is 5-10 years, I understand why they'd hold out and want top dollar for sqft.
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