Manhattan Retail: The New Rust Belt

Via Global Macro Monitor,
Bleecker Street, said Faith Hope Consolo, the chairwoman of the retail group for the real estate firm Douglas Elliman, ‘had a real European panache. People associated it with something special, something different.’ Ms. Consolo, who has negotiated several deals on the street, added: ‘We had visitors from all over that said, ‘We’ve got to get to Bleecker Street.’ It became a must-see, a must-go.’
Early on, Ms. Consolo said, rents on the street were around $75 per square foot. By the mid-to-late 2000s, they had risen to $300. Those rates were unaffordable for many shop owners like Mr. Nusraty, who was forced out in 2008 when, he said, his lease was up and his monthly rent skyrocketed to $45,000, from $7,000.
– NY Times
Retail is not just being Amazoned in Manhattan, retailers are being priced out of business by exorbitant rents.
Note to commercial landlords: Lower your rents! But, God forbid, that would be deflationary!

This post was published at Zero Hedge on Nov 17, 2017.

 

Leave a Reply

Your email address will not be published. Required fields are marked *