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For restaurants in NYC everything has been priced to perfection pre-CV. Between the high rents, the higher min wages, dealing with the health department shake downs, the litter police tickets, etc....you have be making a killing to make it worth it.
I suspect that the only reason why Morgan Stanley is making people come back to work is because the commercial real estate sector in NYC is collapsing. God forbid their commercial backed securities fail! Also, their employees and customers are banned from entering the office unless they are vaccinated.
I suspect that the only reason why Morgan Stanley is making people come back to work is because the commercial real estate sector in NYC is collapsing. God forbid their commercial backed securities fail! Also, their employees and customers are banned from entering the office unless they are vaccinated.
Il Duce in Albany, and Sam The Eagle in City Hall likely worked telephones telling large employers to get with the program and start bringing employees back by at least Labor Day. Unless, when or until offices start filling up with employees much of Manhattan and other parts of city just won't come back.
By getting JP Morgan, Google, Goldman Sachs, etc.. to set an example theory probably goes others will follow.
Many small businesses were just holding on before covid-19, now they're done and not coming back. That or they will forgo physical retail space and do only online.
Just on UES laundries/dry cleaners, waxing places, nail places, and other small service businesses simply closed. A nice new chemist opened on Third between 79th and 80th on east side of street in 2019. Covid hit in 2020 causing them to shut down during lock down, they've since gone out of business.
On other side of things so many businesses of all sorts that took a decade or more to get off the ground are now decimated. Many were small service businesses that saw their customers vanish during covid lock down, and many aren't coming back to city period. They've bought homes in suburbs or whatever and that is that.
For a whole lot of people sh*t is going to hit the fan first week in September when all that free UI money ends. Especially for the self-employed....
Has everyone forgotten the vast stretches of empty NYC commercial real estate....especially in Manhattan.....long before anyone ever heard of covid?
NYC commercial space has been emptying out for over a decade and 5 years ago there were news stories everywhere and threads on here speculating as to why landlords were not lowering rents .
Actually, commercial real estate is pretty much emptying out everywhere ( ghost malls anyone?) and fallout from covid is a relatively minor factor. It's by no means a NYC only phenomenon.
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