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Many Reasons Drive City’s Storefront Vacancies, Report Says

2 Comments

  • CC Clark
    Posted August 23, 2019 at 10:03 am

    There are numerous vacancies in Trbeca, along Greenwich and Hudson Streets, that have continued over 1 year or more. This is a high income residential area and the are many office buildings, like Citibank— both factors that should make these streets lucrative commercial corridors. The report does not explain the high vacancy rate for TriBeCa. I understand this neighborhood was not in the study, however my point is the situation defies logic and the report’s generalizations.

  • Betty Cooney
    Posted August 23, 2019 at 11:24 am

    It’s amazing…all this reporting and data and I haven’t seen any mention of the extremely high commercial property taxes in any of these areas. It is one of the main reasons rental costs have sky rocketed. Take a mixed use building of 4 stories…less than 12 tenants in a low to moderate shopping district…How does a property owner afford $40,000 plus a year for property taxes and still maintain the building…especially when the law favors tenants who decide to withhold rent? We must stop the landlord witch hunts and see the problem from both sides. The city may think it can fix the problems and fill the spaces, but it will never happen until there is a moratorium on property taxes starting in specific retail districts.

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