There are nearly 200 empty storefronts on Broadway: Brewer

Borough prez says new policies are needed to address woes along 13-mile avenue

New York /
Jun.June 13, 2017 02:40 PM

Nearly 200 storefronts on Broadway are sitting vacant, a recent survey released by Manhattan Borough President Gale Brewer shows.

The survey, run by volunteers and interns, was commissioned to provide the city with a clear view of the extent of commercial vacancies. The survey found almost 60 percent of the vacancies are below 110th Street, according to the Wall Street Journal.

Broadway stretches 13 miles from the Financial District to Inwood.

“The normal ‘invisible hand’ of capitalism — old businesses closing and new ones quickly replacing them — too often doesn’t seem to work in Manhattan,” Brewer said in a statement. “Almost every neighborhood seems to have a storefront that’s been vacant for years.” She added there’s a need for new policies to encourage occupancy.

In New York City, buying power per square foot of retail space declined 7 percent from 2000 through the first three months of 2017, according to CoStar Group figures.

In the first quarter of 2017, availability rates increased year-over-year in nine of the 11 submarkets in Manhattan, according to analysis from Cushman & Wakefield. The retail market in the city has weakened over the past 18 months, and some landlords are turning to short-term leases to fill space.  [WSJ]Miriam Hall

(To view Manhattan retail leases completed in 2017 so far, click here)


Related Articles

arrow_forward_ios
Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)
These were the top 10 NYC retail leases in July
These were the top 10 NYC retail leases in July
Ricky's at 830 Broadway (Credit: NYC Go)
Ricky’s, iconic NYC beauty shop, faces
more closures
Ricky’s, iconic NYC beauty shop, faces
more closures
From top, clockwise: Cushman & Wakefield's Joanne Podell, Showfields' Amir Zwickel, Appear Here's Josh Yentob, Brookfield Properties's Mark Kostic (Credit: Getty, LinkedIn)
When it comes to retail, “real estate in New York is fundamentally broken”
When it comes to retail, “real estate in New York is fundamentally broken”
From left: Isaac Zion with JMC Holdings' Matthew Cassin (left) and David Taylor (right) (Photos via SL Green; JMC)
Former SL Green exec Isaac Zion joins Acram Group
Former SL Green exec Isaac Zion joins Acram Group
(Photo illustration by The Real Deal)
Inside mall owner Namdar’s rapid growth story
Inside mall owner Namdar’s rapid growth story
15 Park Row (Google Maps)
J&R Music founders sell Park Row apartment tower for $140M
J&R Music founders sell Park Row apartment tower for $140M
Claudio Del Vecchio has owned Brooks Brothers since 2001. (Getty)
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Brooks Brothers’ Madison Ave store could give way to Midtown East tower
Gov. Andrew Cuomo (Getty)
Industry reacts to Cuomo’s proposed commercial eviction ban
Industry reacts to Cuomo’s proposed commercial eviction ban
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...