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.
“is it fsrq or fsrg?”
Yeah, thanks I wanted to know that myself! And I get your point, fsrg. You’re right. “Greedy” is a ridiculous word to use in this instance. The LL has the right to charge (or not charge) whatever he/she wants. To even discuss legislating the open market is, to me, ludicrous.
“I set the rental rate at an amount that just covers my costs and allows for a modest profit (+/- 10%)”
Bessie;
Now you may claim that this margin is “modest”, but have you checked with the rocket scientists at the Daily News??? I dunno, this may qualify as “greedy” in their book 😉
Seriously, your post is right on point. Well-said.
I’ve owned a small storefront in Park Slope for a few years; previously I owned some multi-family property. The commercial rental market is a much, much slower one than the residentail. It has always taken me some time (6 – 9 months) to find a tenant. I set the rental rate at an amount that just covers my costs and allows for a modest profit (+/- 10%); it’s on par with average asks in the area. Due to re tax hikes, my narrow margins are getting tighter. I would add that there are alot of flakes out there looking to rent commercial property – think bi-polar people in their up mode. I have shown my place to number of people that I think would have a hard time finding a regular job. I’ve also met people that think I should be charging the same rent the space went for in 2000 and have whined at me about it and then said they really wanted the space – no way am I ever renting to someone who argues and complains before we’ve even hammered out a deal.
G
I could never tell that either, ditto. I assume it’s FSRQ
DIBS – EXACTLY! and your BF is working, meanwhile these GREEDY disgusting Americans would rather sit at home, than earn TWENTY-FIVE LARGE working 60hrs a week for me! I’m telling you we could just pass a law that limits how much they can charge employers and all our problems will be solved!
“Somebody pissed off fsrq.”
Not difficult, but I agree with him in this case.
is it fsrq or fsrg?
Expert, Crown Heights’ main commercial drag is Nostrand Ave. As has been reported here before, most of it, between Atlantic and Eastern Parkway, is owned by about 3 landlords, who charge very high rents, and seem to be ok with the status quo. It’s going to take a lot of time, and concerted effort to make it here. I personally think there is plenty of room for old business and new to co-exist. As you know, Franklin is doing well, amazing, actually, but it would be naieve to not think that much of that is due to its proximity to Pros. Hts, and a great deal is due to the newer, younger crowd moving into the old Jewish Hospital area. Classon is coming too, but the street is a mix of commercial, residential and lots of institution, schools, churches, old age homes, etc.
New York and Brooklyn Avenues are 99.9% residential, leaving Kingston and Albany, which are seen as too out there and “fringe”. Too bad, as Kingston has the commercial architecture, and some really great individual spots, and could be even better than Franklin. It is also a mix of residential and commercial, with some social service entities scattered along the way. Unfortunately, much of the residential is abandoned or in awful shape. There are a couple of brave souls opening new businesses on Kingston. The revitalization of the old Kingston Lounge would aid this progress tremendously. St. John’s, between Brooklyn and Albany also has retail possibilities, and with the opening of the new apartments there, which really look nice, this could be a smart mini commercial enclave as well.
If I had big money, I’d put it on Kingston. It will be a long term investment, but worth it in 10-15 years.