Closing Bell: A Sign for the Times
This sign at 101 Metropolitan Avenue in Williamsburg has been up for quite a while now. It’s starting to feel like part of the neighborhood. GMAP
This sign at 101 Metropolitan Avenue in Williamsburg has been up for quite a while now. It’s starting to feel like part of the neighborhood. GMAP
Unless unemployment benefits start to dry up rents will not come down. This is not years away but months then you will see stores closing and renters moving to more rent afforded places.
first poster.. totally. i work in soho and the amount of empty storefronts insane. the rents are ridiculous tho and even huge big box stores can barely afford them, let alone small boutiques and stuff.
poster 2 – totally. reduce the rent to a realistic level and youll find a tenant. problem is that empty storefront owners get a HUUUUGE tax break. not sure why/how it offsets not having a tenant, but in some cases it does? can anyone in the know explain how that works?
*rob*
It all comes down to pricing. Why would anyone buy an overpriced by 500% storefront in a declining market? When this sold 15 years ago what did it bring. Add 30% and there’s the historically realistic price. Bingo!
Been to Soho Recently?…..