UWS zoning proposal could raise store rents by as much as 20 percent, source says

TRD New York /
Mar.March 19, 2012 03:00 PM

Approval is likely for an Upper West Side zoning proposal that’s intended to protect small neighborhood businesses from the approach of big banks, retail chains and pharmacies, Crain’s reported. As previously reported by The Real Deal, the controversial zoning revision would limit the size of retail stores. Now, if approved, these shop owners could face rent hikes.

Rafe Evans, a real estate broker with the Upper West Side’s Walker Malloy & Co. told Crain’s that store rents could increase as much as 20 percent.

“It’s an enormous concern,” said Carol Baer, owner of the Popover Cafe at 551 Amsterdam Avenue at 87th Street, to Crain’s about the increased rents. “That would be deadly.”

The plan faces opposition from unspecified neighborhood chambers of commerce, business improvement districts and the Real Estate Board of New York. However, Crain’s wrote that the Bloomberg administration, local residents, elected officials and owners of smaller stores support the plan. Moreover, local Community Board 7 voted unanimously in favor of it. Supporters see it as a necessary step to preserve the Upper West Side’s tradition of independent commerce.

The proposal itself aims to limit the size of new ground-floor storefronts to 40 feet, limit bank frontage on Amsterdam and Columbus avenues and Broadway to 25 feet and would rezone the retail strips of Columbus Avenue between 72nd and 87th streets and Amsterdam Avenue and Broadway between 72nd and 110th streets. [Crain’s]


Related Articles

arrow_forward_ios
Seth Schochet, Drew Goldsmith and 201 West 77th Street (Credit: Google Maps)

Large, low-key landlord snags UWS building for $100M+

Clockwise from left: 91 Leonard Street, 141 West 11th Street, 520 Park Avenue and 115 Central Park West (Credit: StreetEasy, Google Maps)

These are the latest, greatest residential sales in NYC

Sam Chang and 40 West 45th Street (Credit: Google Maps and iStock)

Sam Chang can now purchase 160 elite racing pigeons

15 Central Park West and Och-Ziff Capital Management founder Daniel Och (Credit: StreetEasy and Getty Images)

Daniel Och wants $12K a foot for his 15 Central Park West penthouse

Georgina Bloomberg and 101 Central Park West (Credit: Getty Images/StreetEasy/Wikipedia)

Georgina Bloomberg buys another co-op at 101 CPW

Manhattan borough president Gale Brewer (Credit: Getty Images)

Why Manhattan borough president Gale Brewer didn’t pay her mortgage for 5 years

(Chart by Miller Samuel)

Cautious buyers are pushing up Manhattan rent prices

Developer behind fatal facade collapse that killed 2-year-old to pay city $50K, but won’t serve time

Developer behind fatal facade collapse that killed 2-year-old to pay city $50K, but won’t serve time

arrow_forward_ios
Loading...