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.
A landlord has the right to charge whatever s/he wants. And I have the right to think s/he is greedy. Last I checked, calling someone greedy is not synonymous with calling for commercial rent regulation.
Something to think about….the more vacant storefronts (while waiting for exorbitant rents) the more blighted an area appears and often becomes. All the greedy landlords that want to sit and wait it out as Shoots and Leaves explained, you never know, depending on where it is, you’re vacant storefront (and those of your fellow greedy landlords) could end up making sure you can only get an even lower rent.
I think most people contemplating opening a small business don’t give enough thought to the fact that they may not make any money for a year or two and don’t have a large enough cash cushion to pay the bills for two years. Many aren’t savvy enough to put together an income and cash flow statement and use it to figure out the profitability or lack thereof of what they are trying to do.
Expert Textpert-Nostrand gets a lot of foot traffic and some of the businesses are closed on Sundays. But several businesses have opened and closed shortly thereafter but truthfully from what I saw, they seemed to have spent all their money on opening and not looking past that to actually operating day to day. Most of them had strange hours, or weren’t open regularly. The family owned drugstore, that should have done well, was so forbidding no one would want to go in. They had their racks up front, and the window was partially closed off. You could barely see in. If you are that afraid of your customer base, you won’t get one.
The Ibo Lounger was only open a few nights a week, and had big velvet curtains closing off the view. Again- no one went in. But that space had been redone and quite nicely.
We thought it was going to be a nice little restaurant but then it became a “lounge.” It’s now empty.
People in the neighborhood are screaming for coffee shops and nice places to eat. Franklin is nice but its not that convenient to my section of CHN. I don’t think Kingston gets the same foot traffic as Nostrand, but there is a spot on the corner of NY and Atlantic that used to be a salad bar/food bar and is now empty.
That’s too bad, Ditto. I actually really liked Houndstooth a lot. Got some great stuff there.
11217 – Wine Lover told me houndstooth closed but something infinitely more fabulous is opening there, and there is no need to be alarmed.
“There are a couple of brave souls opening new businesses on Kingston.”
I agree Kingston has nice potential. But you know, I’d prefer if it did NOT become a huge retail street, with lots of foot traffic, which I think would hurt the (mostly) quiet character of the neighborhood. Some improvement would be nice, but if it’s at the expense of the street turning into something like 5th Avenue in the Slope, I wouldn’t like that.
Everything that fsrg said.
Thanks Montrose! I was hoping you’d chime in. I’m disappointed to hear about Nostrand and the landlords asking exuberant rents. I have a few numbers and will inquire regardless just to get a price range.
I agree about Franklin. I don’t consider it part of Crown Heights. While I liked Franklin, I’d rather be IN crown Heights or Bed Stuy.
Kingston and Albany are fringe??? Really??? As in not appealing physically or on the outskirts of the area? I consider those streets to be in the heart of Crown Heights.
Kingston I think has lots of potential (it’s a subway street). I’m going to go back and do some further investigating. I didn’t take much note of St. John’s for commercial but will on my next trip.
Thanks again for all the thoughts.
Does anyone who lives in Williamsburg know if Houndstooth closed??
Someone yesterday told me that it did, and I was shocked.
That was literally the best shop in Billyburg and it’s only been open a little while. It got a lot of press. Someone told me the Paul Smith in Williamsburg was about to close soon too.
Two storefronts that I know about on 5th Avenue will hopefully not be empty for too much longer. The building near 5th and Bergen which housed the now closed Flight 001 is in contract as is the building 2 or 3 doors down. Hopefully the new owners will make a push to fill those 2 storefronts. But yeah, there are some which have been closed for A WHILE!!
Mr. B…I was kinda thinking this video store above might be where you were considering the indoor Flea this year…no?
Have you checked out the former Hollywood Video spot on 5th Avenue and like 8th Street? That’s a rather large spot too…