Greedy Landlords Causing Storefronts to Sit Empty?
The Daily News has a story about how the one-two punch of unrealistically high asking rents and the recession has resulted in a number of empty storefronts in brownstone Brooklyn. Cases in point, where retail spaces are still empty after rent increases: the dry cleaner on Court and Baltic that had to vacate after the…
The Daily News has a story about how the one-two punch of unrealistically high asking rents and the recession has resulted in a number of empty storefronts in brownstone Brooklyn. Cases in point, where retail spaces are still empty after rent increases: the dry cleaner on Court and Baltic that had to vacate after the landlord hiked the rent from $2,500 to $6,500 a month; Royal Video, above, which left its old Flatbush Avenue spot for a smaller one after the landlord was said to be asking $10,000 a month for the space; and a Myrtle Avenue shoe repair that shut down this fall. It seems, however, that while there are certainly examples of greedy/delusional landlords to be found, there aren’t an overwhelming number of fresh vacancies on the main retail drags in Cobble Hill, Prospect Heights, and Park Slope—that these guys tend to be the exception, rather than the rule. Thoughts?
Brooklyn Storefronts Empty [NY Daily News]
Photo by plangently.
You know how in Manhattan store owners allow their unsold property to be used as art spaces until they can sell? Why can’t the same be done in Brooklyn? I mean this former Royal Video location is in a perfect spot for a small pop-up gallery or something along those lines.
That said, I really was sad when this Royal Video closed. Back in the day my pals and I would drive all over Brooklyn to find video stores that would rent us adult films without ID; you kids with your Interwebs and downloads, feh! So this place is one of the places we’d stop by… And yes, they refused to rent to us. But still, at least we tried 🙁
In that case, I hereby sentence you to a comedy workshop at the Learning Annex. 😉
Snark;
Ah well, so much for my attempt at humor.
> OK, your honorable snark, I am ready to receive my sentence.
There will be no sentencing, but I do recommend intensive psychotherapy to relieve your persecution complex.
Snark;
Hmmmm – you’ve got a point there.
However, may I make a statement before you give me my sentence?
I have nothing against 99 cent stores per se. My point above was that the landlords in this area, in their panic to rent out these storefronts, did not exercise “portfolio management”, with the result being an over-concentration of these stores – to the neighborhood’s detriment.
OK, your honorable snark, I am ready to receive my sentence.
BTW NY City hasn’t been helpful in this either. They have been increasing the real estate taxes on these small buildings exponentially. The taxing authorities have taken the position that even when you don’t get the highest rent they will tax the building based on the highest rent and comparative value based on sales from other buildings in the area.
Since NY City gets a fair portion of its income from real estate taxes, they want high rents to support high RE taxes.
dammit, missed a good one
You know Benson, for somebody who was routinely refers to the Fedders haters on this blog as elitist, your comments about 99 cent stores sound awfully – dare I say – elitist.
No one is going to shop in stores that have higher rents because those costs show up in the final cost of sale. Look at where most people go do their fish buying, food shoping and fruit and vegatable shopping. It is definately not in Brooklyn Hieghts or Carroll Gardens. Every penny counts.