Vacancies linger in city’s new developments

TRD New York /
Mar.March 01, 2011 01:43 PM

Vacancies in new developments stick out like a sore thumb and in Manhattan alone, at least 46 condominiums built or converted in the past five years have 69 empty retail spaces, according to PropertyShark.com. That’s in addition to new rental towers and Brooklyn’s condos which also have vacancies. “It looks incongruous,” urban planner Ethel Sheffer told New York Magazine. “It doesn’t continue to provide the kind of animated street life that most people like about cities.” The reasons for the lingering vacancies can be traced back to the recession, as the ground-floor retail market is still recovering. Banks that once occupied such properties are acquiring less space, according to brokers, and discount apparel retailers like Filene’s Basement and Daffy’s, want pedestrian-heavy addresses, which wasn’t a prerequisite for the condo parts of these towers. Some merchants have also taken the opportunity to trade up to previously unaffordable addresses, further impeding developments in less-proven locations. But the vacancies will eventually be filled, as PropertyShark.com recorded a dip in this category of vacancy earlier this year, before the number climbed back up. [NY Mag]


Related Articles

arrow_forward_ios
Westchester & Fairfield Cheat Sheet: Anne Hathaway sells Westport mansion, Yonkers firm plans co-working and ax throwing spaces … & more

Westchester & Fairfield Cheat Sheet: Anne Hathaway sells Westport mansion, Yonkers firm plans co-working and ax throwing spaces … & more

WATCH: Where you can buy a home in NYC for under $500 psf

WATCH: Where you can buy a home in NYC for under $500 psf

WATCH: PropertyShark’s Matthew Haines on data competition, why the firm’s offices are located in Romania and more

WATCH: PropertyShark’s Matthew Haines on data competition, why the firm’s offices are located in Romania and more

Westchester and Fairfield Cheat Sheet: Manhattan firm buys 77 Larchmont condo units for $43.5M … & more

Westchester and Fairfield Cheat Sheet: Manhattan firm buys 77 Larchmont condo units for $43.5M … & more

Foreclosures in NYC hit highest level since 2009: report

Foreclosures in NYC hit highest level since 2009: report

From the archives: Web sites snapping up co-op price info

From the archives: Web sites snapping up co-op price info

Ex-PropertyShark CEO scraps plans for mayoral run

Ex-PropertyShark CEO scraps plans for mayoral run

unused air rights map thumb

Which nabes have the most available air rights?: MAP

arrow_forward_ios
Loading...