High Rent Blight

Will the Mandated Storefront Vacancy Database Solve High Rent Blight?

Posted August 9, 2019 at 5:08 am

City Council last month passed a bill that would require all business owners to register their storefronts with the city. This move toward cataloging aims to be the first public database of retail spaces with corresponding vacancy status in the country. “Int. No. 1472” was introduced earlier this year by the office of Borough President […]

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Streets

Report: Mayor Mulls Retail Vacancy Tax for Greedy Landlords

Posted April 3, 2018 at 5:03 am

The practice of warehousing retail properties – intentionally keeping stores empty to attract high rents – could potentially conclude. Mayor de Blasio is reportedly mulling a plan to implement a “vacancy tax” on these greedy landlords. According to a dispatch in the New York Post, the poshest city neighborhoods are hardest hit. “Retail corridors in […]

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‘The Kooples’ Gives Thor Equities an Ultimatum to Lower Retail Rent in SoHo

Posted February 28, 2018 at 5:06 am

Even the richest SoHo retailers are fighting back against rent gouging. At Thor Equities’ 115 Mercer Street, The Kooples gave a stiff ultimatum. Lower the rent or they’ll leave. The French clothier is reportedly threatening to vacate its space six years ahead of schedule unless Thor cuts a deal on the monthly dole, currently pegged […]

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