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.
Really DIBS – it is EXACTLY commercial rent control – have you read the proposed legislation
11217;
That “landlords would rather keep the stores vacant to reap some tax benefit” is an old canard promulgated by the rent control crowd. I know this because my wife has an aunt and uncle who are heavily-involved in the rent control cause, and they constantly spout this line, no matter how much you try to show them it is false.
The idea they’re trying to promote is that commercial andlords are “greedy” both coming and going. If the store is occupied, they’re gouging on the rents. If it is empty, they’re still making lots of money, due to the tax benefits. In summation (according to this crowd): landlords are inherently greedy bastards, and commercial rent control is the only answer.
Unlike FSRG, I’m not polite, so I’ll say that my wife’s aunt and uncle are economic morons (otherwise, they are really nice people).
Landlords do indeed think of their property as investments, and yes they have the right to do with it as they please. On the other hand, neighborhoods suffer when businesses are forced out , people suffer, the economy suffers. If the recession taught us anything it is just how interconnected all of these things are so why don’t we try to figure out ways that this can be turned to everyone’s benefit? Because if a landlord does everything not to have a tenant, it begs the question. “Why?” What could possibly make it more advantageous to not have a tenant for a commercial property?
fsrg, the “Small Business Survival Act” is a far cry from commercial rent control.
“Regarding the vacancy issue, someone once told me that landlords actually do better keeping storefronts closed because of some tax issue. Anyone know anything about that?”
Yes it is 100% false
aysataba – you are correct calling commercial landlords greedy does not = calling for commercial rent control, except commercial rent control was brought up here separate from the term greedy AND Commerical Rent Control isnt some fantasy fear in NYC – See City Council Bill 847a which is ONE vote short of being passed OVER a Bloomberg veto – and includes supporters such as Bill Diblasio, Bill Thompson and John Liu (in other words potentially our next mayors)….
decent summary of bill is here:
http://www.brooklyneagle.com/archive/category.php?category_id=6&id=29197
As for the term greedy you are free to use it against anyone you want – and I am free to call you an f’in moron – but I wont, because although I could…it isnt polite
Every time I drive up & down Flatbush it saddens me to see all the empty storefronts. I mean from Flatbush when you get off the Manhattan Bridge all the way down to by Kings Plaza, you can count at least one storefront for rent on each block.
These landlords kill me. They rather receive no $, then get some $. I understand we are in a recession, but we’re not going to be in a recession forever. I know LLs complain about the raising cost in taxes, water/sewer, insurance, so on & so forth, but I know LLs can put a clause in the Lease to state that the rent will raise to “x” amount to cover those costs.
I’m going to be a landlord. When I am a LL, I will work with my tenant to keep them in the space because renting a commercial space is so much harder than renting a residential unit.
Haha, ah ok Ditto. Got you! 🙂
Haven’t seen wine lover in a while. He must be at Marlow & Sons right now.
Regarding the vacancy issue, someone once told me that landlords actually do better keeping storefronts closed because of some tax issue. Anyone know anything about that?
11217 – I don’t want to mislead you, I actually know nothing about it. I just wanted to trump how “everything in 11211 is great no matter what happens”, a la wine lover.