Large commercial spaces sit vacant in SI


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Large commercial spaces in Staten Island are becoming available as national chains go bankrupt. NY1’s Tara Lynn Wagner spoke to Cesar Claro, president and CEO of the Staten Island Economic Development Corp., who said that the large properties used to be leased right away after a retailer moved out, but now it’s taking longer. Richard Nicotra, CEO of the Nicotra Group, said that for commercial properties to sell or attract tenants they have to be unique and stand out from other vacant properties. The spaces are also starting to come with concessions and months of free rent. Claro said the properties have definitely declined in value from last year, and neighborhoods can deteriorate if buildings stay empty for too long.

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