An EVG reader and Best Price regular shared this about the situation at the shop:
They’re an awesome grocery with great owners and staff and will be very missed!Everything is currently buy one, get one free, which you can’t beat. The — very unreasonable on all fronts of the situation — landlord has told them they want the place completely empty when they move out, which means they not only need to get rid of the inventory but also the shelves and fixtures,So here's a shoutout to help them clear their stock and maybe find a new home for their shelving, counters, refrigerators, etc. They will need to trash anything that is left over, which is not only wasteful but also costly for them when they’re already getting the short end of a shitty stick.
on my way! thanks for the tip! sorry to see this store close: a hearty BOOOO to the landlord!
ReplyDeleteGreat corner deli and the staff always very friendly. Another big loss for the neighborhood.
ReplyDeleteWill definitely stop by one last time ;(
ReplyDeletePerhaps any Sunday leftovers could be used as local donations?
What businesses do these landlords all over the city expect to fill their vacancies?
ReplyDeleteIt's truly perplexing. What does the landlord think is coming in to replace it?
ReplyDeleteThese landlords want to sign 10 year leases. Its not a short term deal like a one or two year residential lease. If the place is vacant for a year while the economy recovers so be it. They would love a deep pocket chain for a 10 or 15 year deal. They dont want to panic and rent low when they can wait and rent high. That's the mindset.
DeleteI went by today, told the women there that I felt guilty, she told me that she was very grateful to everyone that buys something. Every thing must be gone by this Sunday, she doesn't want to throw everything out, I encourage anyone nearby to buy some things this week.
ReplyDeleteNo, that's not it. I mean, it may be a modest factor, but if that were the case, storefronts wouldn't have remained empty LONG after 2007-08.
ReplyDeleteThat's how it works. If it is empty for 5 years they dont care. They will wait for the right tenant. Some big pocket companies can wait. Smaller landlords with mortgages have less time to hold out. If you own the building free and clear you wait and see. Or you eventually sell an empty building or redevelop the property. These are easier to do with no tenant in place
DeleteIf you wait five years you need to lease for double the rent on the next ten-year lease to make up the loss, and that's not considering the time value of money. No, I believe that can only be a modest factor; more of it is short-sighted greed (expectation of better tenants who aren't coming, end of recession or no) and the desire or desperate need to try to drive the value of the building substantially up to satisfy financers or others.
ReplyDeleteIt is not only higher possible rents that drive extended vacancies. Landlords who own multiple properties can deduct losses in one building from profits in another. Also lowering rents decreases the value of the property. Some mortgages set a minimum rent and accepting lower rents can be a default. The NYT recently had an opinion by Tim Wu on this very subject.
Deletehate losing this place, mom and pops have been eaten alive for way too long in what is left of this city
ReplyDeleteLandlord terrible, no rent deal during covid, this is an essential business, sweet staff - you would see them helping out homeless who asked for help. I find this closing as heart-breaking as any iconic restaurant; this is a true NY bodega, nothing flashy, locals really need these. Can't believe it's 2020 and politicians still haven't done ANYthing with commercial rent control, or vacancies, or generally making it easier for mom & pops to do business and survive.
ReplyDeleteWould ask that in addition to shopping their BOGO sale... give a healthy donation/tip to the employees who are now unemployed. Trying to do that in general these days..