The New York Post has some interesting articles, here and here, on the growing retail vacancy problem in NYC. (Thank you Michael for the link in the comments this week.)
The vacancy rate on Amsterdam Avenue in the Upper West Side is said to be around 27% and it is said to be around 20% on a stretch of Broadway in Soho. It has become such a problem that Mayor Bill de Blasio wants to implement some sort of retail vacancy tax:
“I am very interested in fighting for a vacancy fee or a vacancy tax that would penalize landlords who leave their storefronts vacant for long periods of time in neighborhoods because they are looking for some top-dollar rent but they blight neighborhoods by doing it,”
The New York Post has some interesting articles, here and here, on the growing retail vacancy problem in NYC. (Thank you Michael for the link in the comments this week.)
The vacancy rate on Amsterdam Avenue in the Upper West Side is said to be around 27% and it is said to be around 20% on a stretch of Broadway in Soho. It has become such a problem that Mayor Bill de Blasio wants to implement some sort of retail vacancy tax:
“I am very interested in fighting for a vacancy fee or a vacancy tax that would penalize landlords who leave their storefronts vacant for long periods of time in neighborhoods because they are looking for some top-dollar rent but they blight neighborhoods by doing it,”
he said on WNYC
. “That is something we could get done through Albany.”
But this is based on the assumption that greedy landlords are simply holding out for exorbitant rents. It doesn’t consider the fact that, maybe, there is simply too much retail space:
Only a few grasp the true scope of the problem. Vornado Realty Trust titan Steven Roth said we can only cure the national plague through “the closing and evaporation” of up to 30 percent of the weakest space — which would take five years.
All of this, of course, has me thinking about the future of ground floor main street retail. What are your thoughts?
Under the Bloomberg administration, public space in New York went through a dramatic transformation. A transformation that I believe was for the better. Here’s a quick video showcasing the changes:
[vimeo 83173191 w=500 h=281]
But now Times Square is filled with topless women in body paint (as well as other characters) looking to get paid for a photo with them. Here’s what that looks like (photo source):
If you live in Manhattan or nearby areas in Brooklyn, Queens and the Bronx, you most likely saw your property values rise from 2008 to 2012. However, if you live on the outskirts of the city, you may have seen your property values fall as much as 20% (the darkest red areas).
This shift back to city centers has been well documented and labeled, by some, as The Great Inversion. But in many ways it’s a symptom of a greater phenomenon at work: rising income inequality.
It’s happening in New York. It’s happening in Toronto. And in many other global cities. New York VC Fred Wilson believes that the solution lies in the three Es: education, empowerment and entrepreneurship. That sounds like a great start to me.
he said on WNYC
. “That is something we could get done through Albany.”
But this is based on the assumption that greedy landlords are simply holding out for exorbitant rents. It doesn’t consider the fact that, maybe, there is simply too much retail space:
Only a few grasp the true scope of the problem. Vornado Realty Trust titan Steven Roth said we can only cure the national plague through “the closing and evaporation” of up to 30 percent of the weakest space — which would take five years.
All of this, of course, has me thinking about the future of ground floor main street retail. What are your thoughts?
Under the Bloomberg administration, public space in New York went through a dramatic transformation. A transformation that I believe was for the better. Here’s a quick video showcasing the changes:
[vimeo 83173191 w=500 h=281]
But now Times Square is filled with topless women in body paint (as well as other characters) looking to get paid for a photo with them. Here’s what that looks like (photo source):
If you live in Manhattan or nearby areas in Brooklyn, Queens and the Bronx, you most likely saw your property values rise from 2008 to 2012. However, if you live on the outskirts of the city, you may have seen your property values fall as much as 20% (the darkest red areas).
This shift back to city centers has been well documented and labeled, by some, as The Great Inversion. But in many ways it’s a symptom of a greater phenomenon at work: rising income inequality.
It’s happening in New York. It’s happening in Toronto. And in many other global cities. New York VC Fred Wilson believes that the solution lies in the three Es: education, empowerment and entrepreneurship. That sounds like a great start to me.
And this is making some people very grouchy (including the current mayor, Bill de Blasio). Though to me it doesn’t feel all that different than the Naked Cowboy, who has long been a fixture in Times Square.
In any event, Mayor de Blasio is now floating the idea of reversing one of Bloomberg’s biggest legacies and removing the pedestrian plazas in Times Square. Not surprisingly, lots of people, including myself, think this is a terrible idea. Here’s a snippet from NY Magazine:
I understand that the mayor doesn’t care for the carnival atmosphere at Times Square — neither do I. But eradicating a pedestrian plaza because you don’t like who’s walking there is like blasting away a beach because you object to bikinis or paving a park because you hate squirrels. It represents such a profound misunderstanding of public space that it makes me question the mayor’s perception of what counts as progressive.
Well said.
But what are your thoughts? Out of the following 3 options, which do you think the mayor should go with?
Remove the pedestrian plazas.
Find an alternate solution to curb “undesirable” behaviour in Times Square.
Do nothing and maintain the status quo.
I’d be curious to hear your thoughts in the comment section below.
And this is making some people very grouchy (including the current mayor, Bill de Blasio). Though to me it doesn’t feel all that different than the Naked Cowboy, who has long been a fixture in Times Square.
In any event, Mayor de Blasio is now floating the idea of reversing one of Bloomberg’s biggest legacies and removing the pedestrian plazas in Times Square. Not surprisingly, lots of people, including myself, think this is a terrible idea. Here’s a snippet from NY Magazine:
I understand that the mayor doesn’t care for the carnival atmosphere at Times Square — neither do I. But eradicating a pedestrian plaza because you don’t like who’s walking there is like blasting away a beach because you object to bikinis or paving a park because you hate squirrels. It represents such a profound misunderstanding of public space that it makes me question the mayor’s perception of what counts as progressive.
Well said.
But what are your thoughts? Out of the following 3 options, which do you think the mayor should go with?
Remove the pedestrian plazas.
Find an alternate solution to curb “undesirable” behaviour in Times Square.
Do nothing and maintain the status quo.
I’d be curious to hear your thoughts in the comment section below.
