Photo credit: @julesdwit.
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Daniel Geiger, a senior reporter covering commercial real estate at Crain's New York Business, talks about commercial rent and how the market is going for small businesses in New York City.
$28K a month in rent for a long term tenant.!!! That is just unmitigated GREED!
What justifies that landlord extorting that amount of rent from that business owner. Has his costs (mortgage, etc.) rise so steep over time to justify a 800+ % increase in the rent. I am sure inflation has not increased equivalently.
American Capitalism sucks!
One serious problem for residents in certain neighborhoods with new construction is the closing of laundromats. Towers that replace old buildings have laundry hookups in the apartments, so a new laundromat is far less likely to open. Existing laundromats are hesitant to expand or move to a larger space, and residents in older buildings have fewer choices.
A knowledgeable friend clued me in that another advantage commercial landlords have is that as long as a storefront they own remain vacant, they can take a tax writeoff on it, helping them hold out for a commercial tenant who can pay a higher rent.
There should be rent control for retailers in this city. They guy that called who owns the bar is just one of so many people trying to make a go of it on their own - not employed by TGI Friday's or The Cheesecake FActory, Chase or Bank of America.
The fact that we're making the city equally difficult for small businesses to be a part of is just as bad as the fact we are making it a playground for the rich. Pretty soon, there will be no reason for people to come here, because they can go to the mall and get the same thing. Actually, even at this point, I don't know why they come.
My neighborhood weeps with every new Verizon store and nail salon.
Where does someone go for understanding our rights/lease increase/renewal when a landlord is renting out commercial space that functions for some in the building as living/housing?. My lease is commercial.
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