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Why are there so many empty storefronts on Broadway between 96th street and 106th? This specific stretch on Broadway has seen tons of stores, even "big" chains shutter their doors. There are quite a few empty storefronts on each block, large and small. They've been vacant for a while, some for years.
What is it about this stretch of Broadway? You have Columbia and 96th street stop within walking, you think this little stretch would be on fire but it is DEAD!
Why are there so many empty storefronts on Broadway between 96th street and 106th? This specific stretch on Broadway has seen tons of stores, even "big" chains shutter their doors. There are quite a few empty storefronts on each block, large and small. They've been vacant for a while, some for years.
What is it about this stretch of Broadway? You have Columbia and 96th street stop within walking, you think this little stretch would be on fire but it is DEAD!
Broadway, Columbus, Madison, 8th, Third, etc... in short many Avenues up and down Manhattan have plenty of vacant store fronts.
Reason? Simple, landlords have raised rents to levels forcing most "small" businesses out. Property owners all now want chains, franchises, banks, and other sorts with deep pockets.
Walk around Manhattan and you begin to notice just how many store fronts are vacant. Some have been sitting empty for years now.
Many storefronts are also in big codos or co-ops and the buildings want high commercial rents in order to keep monthly charges lower for the tenants -- which also makes the apartments more valuable.
Yea but when they sit vacant for years, start to collect trash and graffiti as most of these sites on bway have x it has the opposite effect. There is no value being raised here. If anything, it's the opposite. I just thought there was more to the story than landlords being greedy. This is stupidity. There's a domino effect taking place.
I've seen lots of vacancies in Manhattan but not often as concentrated within a 10 block stretch as I described. It's just weird to me.
A corner unit sits empty for 3 years. Doesn't that cost the business more than lowering their prices?
Property owners can IIRC deduct various losses against gains on their taxes so in the end it may be a wash or barely bother. Think of how long empty lots sit undeveloped.
For the last bit property owners often put up "taxpayer" structure/uses. Things like parking lots or small commercial buildings that can be shut down easily when required.
When it comes to rental space any smart small business owner will examine a lease carefully. If the landlord isn't offering any sort of construction clause, long term lease and other features you'd be a fool to move into the space even if the rent is cheap. It can take a new business a year or longer to "make it" in a new location and recover costs of opening/starting up. If you know in two years your lease will be up and thus a potential increase looming, why bother?
Was up on 125th Street the other day. It looks like a graveyard even with the big box stores....that were mainly empty. This is one case where gentrification hurt an economy rather than help it.
I remember Saturdays on 125 th with all the vendors and flea market environment....so much fun.
Was up on 125th Street the other day. It looks like a graveyard even with the big box stores....that were mainly empty. This is one case where gentrification hurt an economy rather than help it.
I remember Saturdays on 125 th with all the vendors and flea market environment....so much fun.
125th? Sheesh. I haven't hung out in Harlem in a few years. I think I may make a trip this summer.
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"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence
Lex, Third, Second and First...same empty storefronts.
That's why I laugh every time I hear one of the many pronouncements about how WONDERFULLY our economy is rebounding. The only rebounding is in prices.
US: "Dear government, tell us what kind of job you are doing with the economy.
Government: "A really SUPERB job."
US: "Good to hear."
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