4 ms·

> more and more full city blocks of store fronts sit empty Hmm, which part of manhattan are you talking about? Living in the upper east side I don’t notice any

by usaphp 8y ago

> more and more full city blocks of store fronts sit empty Hmm, which part of manhattan are you talking about? Living in the upper east side I don’t notice any change at all

neom 8y ago
From what I've seen if you walk up Broadway from Houston it is getting worse and worse, I think generally between 1st and 6th above Houston but lower than 14th is thinning (I realize that's a fairly large area)
- notyourday 8y ago
  That's just historic leases and options to extend running out. Lets presume the commercial leases on storefronts are 10 years with an option for another 10. The holdouts that you are seeing signed leases in 1998-1999. They are still paying 1998-1999 rents with a slight YOY escalation. That's how Pearl River Mart was able to afford its place. 1999 that section of Manhattan was a dump. Here's a walk down the memory lane: * In 1997 my girlfriend at the time bought a two floor condo in Park Slope (2,400 sq feet) for $220,000. Her friends told her that she overpaid. * In 1999 a friend of mine had her generation skipping trust buy two buildings in Soho next to each other for $1.27M. They had to modify trust documents because with that buy trust was over exposed to real estate. * In 1999 apartments on Broome St in Soho were lofts with the kind of showers one would expect in the third world countries. 5-6 artists would live in one because they split 3000 sq foot one floor apartment 5 ways for a grand total of $1200/mo. Residential leases are simply too short which is why we do not see the massive spikes in rents as the lease is being re-negotiated the way we see them in commercial real estate.
kevstev 8y ago
go downtown- soho, the west village, meatpacking, Union Square. To a lesser extent, but still noticeable, midtown. You may also find this more noticeable if you are into food, great restaurants getting booted out of their space, only to have that space sit there and remain vacant.
- neom 8y ago
  Not sure why you're getting downvoted, you're totally correct, especially about the food scene stuff, some of the best Indian spots in Murray Hill are disappearing because the rent is on the rise.

by usaphp 8y ago

> more and more full city blocks of store fronts sit empty Hmm, which part of manhattan are you talking about? Living in the upper east side I don’t notice any change at all

neom 8y ago

From what I've seen if you walk up Broadway from Houston it is getting worse and worse, I think generally between 1st and 6th above Houston but lower than 14th is thinning (I realize that's a fairly large area)

notyourday 8y ago
That's just historic leases and options to extend running out. Lets presume the commercial leases on storefronts are 10 years with an option for another 10. The holdouts that you are seeing signed leases in 1998-1999. They are still paying 1998-1999 rents with a slight YOY escalation. That's how Pearl River Mart was able to afford its place. 1999 that section of Manhattan was a dump. Here's a walk down the memory lane: * In 1997 my girlfriend at the time bought a two floor condo in Park Slope (2,400 sq feet) for $220,000. Her friends told her that she overpaid. * In 1999 a friend of mine had her generation skipping trust buy two buildings in Soho next to each other for $1.27M. They had to modify trust documents because with that buy trust was over exposed to real estate. * In 1999 apartments on Broome St in Soho were lofts with the kind of showers one would expect in the third world countries. 5-6 artists would live in one because they split 3000 sq foot one floor apartment 5 ways for a grand total of $1200/mo. Residential leases are simply too short which is why we do not see the massive spikes in rents as the lease is being re-negotiated the way we see them in commercial real estate.

kevstev 8y ago

go downtown- soho, the west village, meatpacking, Union Square. To a lesser extent, but still noticeable, midtown. You may also find this more noticeable if you are into food, great restaurants getting booted out of their space, only to have that space sit there and remain vacant.

neom 8y ago
Not sure why you're getting downvoted, you're totally correct, especially about the food scene stuff, some of the best Indian spots in Murray Hill are disappearing because the rent is on the rise.