Monday, January 11, 2021

Carving out a retail space at 56 St. Mark's Place

The 8-story residential building known as The Saint at 56 St. Mark's Place is now advertising retail space on the property between First Avenue and Second Avenue. 

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!
at

9 comments:

  1. AnonymousJanuary 11, 2021 at 6:24 AM

    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

    ReplyDelete
  2. AnonymousJanuary 11, 2021 at 9:01 AM

    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.

    ReplyDelete
  3. AnonymousJanuary 11, 2021 at 9:10 AM

    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.

    ReplyDelete
  4. AnonymousJanuary 11, 2021 at 12:54 PM

    This is the party building that drives all the neighbors crazy. Are they really allowed to open retail here?

    ReplyDelete
  5. AnonymousJanuary 11, 2021 at 1:29 PM

    No retail allowed. Medical allowed.
    Tatoos may have been declared be a medical necessity or reconstructive work

    ReplyDelete
  6. AnonymousJanuary 12, 2021 at 6:39 AM

    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

    ReplyDelete
  7. Andy on 7January 12, 2021 at 9:02 AM

    I’m with 9:10 on this one

    ReplyDelete
  8. AnonymousJanuary 12, 2021 at 1:32 PM

    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?

    ReplyDelete
  9. AnonymousJanuary 12, 2021 at 5:42 PM

    Re 1:32
    You can write off expenses, you CANNOT write off potential income.

    ReplyDelete

Your remarks and lively debates are welcome, whether supportive or critical of the views herein. Your articulate, well-informed remarks that are relevant to an article are welcome.

However, commentary that is intended to "flame" or attack, that contains violence, racist comments and potential libel will not be published. Facts are helpful.

If you'd like to make personal attacks and libelous claims against people and businesses, then you may do so on your own social media accounts. Also, comments predicting when a new business will close ("I give it six weeks") will not be approved.