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.
I’d love to know other side of this. These huge jumps certainly seem bizarre and a lower than market rent would seem to me to be better than no rent. Unless the seemingly long vacancy is the price you pay to get market rate?
After a 10-year lock (if that’s a standard commercial lease?) plus the risk for the LL of high biz failure rate would suggest some payback for LL. But still.
Any commercial lease experts out there?
i meant to send this in as a tip but might as well post it here since i didn’t take a pic anyway, but that giant space on court and douglass is finally taking space. the former home court furniture space (next door to its current smaller space) is going to be an……
upscale yuppie grocery store called union market. signage in the windows indicate organic produce, prepared foods, baked goods, etc.
(also as a separate tip, they finally took down the scaffolding on court between kane and degraw, the two townhouse work looks fantastic. definitely picture worthy. on the west side of street, maybe 1/3 of the wap from degraw to kane, cooper drainage pipe marks the work).
Speaking of retail space.
What are the commercial strips in Bed Stuy and Crown heights?
What’s an ideal location to open an eatery in both nabes?
I know Fulton has lots of retail and foot traffic; any others?
The reality should lie somewhere in between what evfred & Shoots and Leaves said.
In bed Stuy the issue is that the commercial sites are in such a state of disrepair that the amount needed to get them to usable condition is beyond the budget of most store owners. The landlords don’t seem to have the necessary funds to get them rentable. So they sit. They’ve been vacant for years.
I’m talking fire damage, no floor joists, etc…major structural issues that should not be the burden of the tenant.
Shoots and Leaves “While there obviously “greedy” landlords out there, it’s unfair to compare a tenants current rent at the end of what could be a 10 year lease compared to what the Landlord now wants. ”
Ok, so sure it makes sense for the rents to go up after 10 years. But, they are obviously going up too much if the greedy landlords are not even able to get new tenants at this new price.
Given that the Salvation Army is homophobic and discriminatory and Apple is not, I can only hope that Apple displaces that Salvation Army store.
commerical rent stabilization?
quote:
I hope Apple does NOT take over the Salvation Army on Bedford.
ugh barf. that would just be sad. ive never been to the salvation army on bedford, is it the big one?
also some places sit empty because the landlords and owners get tax breaks that sometimes will make more sense for them financially than to rent it out. 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?
maybe things are also just evening out. you cant deny there is a huge glut in the last couple of years for yuppie-related businesses, most of which are not financially viable and just wind up being fly by night operations.
*rob*
Mopar, now that’s what I call a convenience store!!