A look at retail vacancies by neighborhood
April 10, 2009 10:40AM By Sarah Ryley
From the April issue: Like teeth punched out in a fight, the empty storefronts dotting Manhattan streets are reminders of a recent walloping, this one delivered by the economy. With consumers tightening their belts to save money, retailers, reeling from dropping sales and unable to make rent, are being forced to close up shop. The pockets of vacant stores thus created are perhaps the plainest hallmarks of the recession. The Real Deal examined the state of retail in five of the most heavily trafficked shopping areas in Manhattan -- 125th Street, the Upper East Side's Madison Avenue, the Lower East Side, the Financial District and the Meatpacking District -- to see how each is weathering the economic downturn, and found that each district has its own unique set of challenges, from worker layoffs in the Financial District to Madison Avenue shoppers burned by the Madoff Ponzi scheme.
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Comments
Anonymous
Why get your information from "Cry me a river" Faith Consolo? She doesn't do half the deals that Jeff Roseman of Newmark and Gary Trock of CBRE do. She's too busy promoting herself to make a deal.
Comment #1 Posted By: Anonymous 04/10/09
Anonymous
Even today Gary Trock is adapting to the current market and doing deals. As a principal this is what I look for in any broker I consider hiring. If you sit around and complain that you can't do deals, then I don't want you to represent my space. When the going gets tough, the best best brokers find a way.
Comment #2 Posted By: Anonymous 04/10/09
Anonymous
For those who wandered into commercial brokerage in the good times, get ready for some shrinkage...I'd say 30 percent reduction in force and replacement by unemployed bankers and lawyers, with lots of connections, looking to make a living.
Comment #3 Posted By: Anonymous 04/10/09
Anonymous
this info is definitely not accurate. Who is asking $200/SF anywhere in the LES this year? Its more like asking $100 and taking $60
Comment #4 Posted By: Anonymous 04/10/09