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.
Greedy???? I’ll tell you what’s greedy – I go into restaurants and stores all over Brooklyn and when I want to buy something, these slimy storekeeps, want to sell it to me at some ridiculous price that they post on the side of the package or menu. And you know what…I can buy alot of this stuff cheaper elsewhere OR alot of the stuff I dont even need it that bad.
Can you imagine that these slime balls would rather keep the merchandise on the shelves than sell it to me for a price I WANT to pay???
I think there is some tax incentive for these storekeepers/restaurateurs to not sell at lower prices….
They should have a price control law…that would lower prices by 20% and prevent stores from raising their prices more that 1% a year!!!!
“they own the storefronts, they can do what they want with them, and if it doesnt make sense financially for them (the owners) what can you really do about it?”
Rob is right on the money on this, as is Shoots and Leaves at 10:01. The landlord is in business, and sometimes it’s shrewder economically speaking, to wait things out. The landlord’s first responsibility is to his/her business.
Man, I wish someone would open a Ship Chandlers. I could get me some hard tack. With weevils.
A ship chandler was a store that sold provisions to private seagoing vessels; everyting from dishes to rope to compasses.
Ruth Messenger flirted with the idea of commercial rent control back whenever it was that she made a run for Mayor. She crashed and burned. Her timing was off because the city at the time was veering away from the political far left.
Fair enough, S&L, gotta figure Landlords would mention the tax issue in their decision-making process if it were a factor. Thanks.
Dave, you definitely should. The area is under served. I need to figure out how much all this is gonna cost and I might dive into something myself.
Take this to the OT, I’m sure no one cares about our business ventures.
But if anyone else can answer the retail questions I have, please do.
I’ll throw a small caveat out there, some Landlord’s are just downright irrational.
The Daily News knows nothing – an article about a restaurant across the street from this former video store supposedly represented the depressed state of restaurants. However the restaurant was no damn good.
*100% Indisputable*
I won’t claim to be an expert on the tax benefits, but I can tell you I’ve never worked for a Landlord or heard of a case of someone who wanted to let their property sit vacant.
Also, we will never see rent stabilization for commercial tenants.