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I was speaking to the owner of the building I work in (335 Madison) about this, he said because so much is owned by families and paid off, (his included) they c
by neom 8y ago
I was speaking to the owner of the building I work in (335 Madison) about this, he said because so much is owned by families and paid off, (his included) they can afford to leave them empty vs lower the rent, therefore lowering the property values that are leveraged.
- refurb 8y agoIndeed. If you're signing multi-year contracts, losing 12 months of rent can be a smaller hit than signing a contract for a lower price.
- dmoy 8y agoCurious - what's the property tax rate? Is there a tax if it's not occupied?
- sethhochberg 8y agoWe do not have a vacancy tax, no. There is lots of discussion locally about adding one in some form, for both residential and commercial properties.
- JiNCMG 8y agoYeah I know companies in "Silicon Alley" that have moved to Brooklyn (not Dumbo) because the rent is out of control. Old buildings in 23rd Street go years with minimum repairs and rent hikes just cause the landlord can sit it out. Property Managers are freaking out because they only earn on rent collection.