The retail for-rent sign that arrived on Friday shows that there are three spaces available — spread out over the ground, first and second floors and featuring more than 10,000 square feet in total. The space can also be combined. (The listing isn't online just yet.)
Not sure what's in the space currently ... or why this the right time to put more retail on the market when plenty of empty storefronts line the neighborhood.
Thanks to Steven for the photos!
9 comments:
that's an apartment building in the middle of a heavy residential part of St Marks Place and they're going to turn apartments into retail space?is this even legal? what kind of businesses will be allowed? Hello CB3 & DoB
The idea of bringing retail to the building makes even less sense when they have neither the zoning for it or the CO.
Both limit them to community facility use at best and nothing in the CO mentions the 3rd floor.
Being a newish building- there is also nothing grandfathered.
on further reflection....
You have a building with empty units that you can't fill at the usual rate- because pandemic.
Market them as retail at a higher $/sf. No one rents the retail space. Write off the now higher losses on taxes. Carry the losses forward through future years. Profit.
This is the party building that drives all the neighbors crazy. Are they really allowed to open retail here?
No retail allowed. Medical allowed.
Tatoos may have been declared be a medical necessity or reconstructive work
RE 9:10
Its a myth that you can make a greater profit on an empty storefront.
https://www.westsiderag.com/2019/03/21/the-answer-column-do-landlords-get-tax-breaks-for-vacant-retail-space
I’m with 9:10 on this one
Everyone in these comment sections always thinks they are a real estate lawyer. Landlords absolutely can write off losses for empty units. All of the information to the contrary is talking about single building landlords. If you have multiple buildings you can absolutely spread your losses against your portfolio. Commercial space does get written off at a higher rate, because you are also writing down your tax liability. According to the last real estate record, there are 24,276 vacant spaces on the island of Manhattan. Do you really think the owners of these spaces are all just confused/dim/stupid/whatever?
Re 1:32
You can write off expenses, you CANNOT write off potential income.
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