An EVG reader shared word that the Pret A Manger has closed on Astor Place...
This is the latest chain to throw in the town on the block between Lafayette and Broadway. The former Sweetgreen space remains vacant after the salad bowlery
shuttered last summer.
A Hampton Chutney is at 2 Astor Place, a space that has seen some recent churn, including Felix Roasting Co. and Blue Bottle.
Oh, and the high-profile Starbucks space is still vacant after
a July 2024 shutter.
While the Raising Cane's and Juice Generation seem to be doing well... there are plenty of vacanies in what is considered a high-traffic corridor.
Anyway, not every chain is sticking around for the long haul here.
This road should be turned into a plaza with maybe a single lane and 1 side of parking. The through traffic is basically 0 from cars
ReplyDeleteSomeone at Pret told me they had a large rent hike.
ReplyDeleteThe Pret on 4th & 12 also recently closed :(
DeleteI hope they reduce to one lane and one parking/standing lane and consider adding trees. some stone with gaps that can serve as rain garden/absorb some rainwater runoff. Could also close this on weekends for pedestrian space? Here’s hoping!
ReplyDeleteThere used to be a large bookstore here in the 1970s, I recall.
ReplyDeleteSam Weiser's was a large bookstore in that area.
DeleteThe Pret on 12th and Broadway just closed, too.
ReplyDeleteLook at what is happening to St Marks Place! Tons of local restaurants are thriving. It's okay to see the chains leave.
ReplyDeleteYeah but Who can afford to fill these massive prime spaces anymore? Look at the retail spot on A & 11th that’s never been filled since the building went up.
DeleteTo the age-old question, Do landlords get tax benefits from having empty stores?
ReplyDeleteNO. Here's a landlord and tax attorney talking to Westside Rag a few years ago:
“…there is no benefit to the landlord derived from leaving retail space vacant. There is no tax benefit other than the fact that s/he receives less income and therefore pays less tax. It would be similar to taking a cut in salary just to pay less in taxes.
“Furthermore, when a space is vacant the landlord not only loses the rental income and the contribution by the tenant to his/her real estate taxes, but also incurs the broker fees and renovation costs when the space is rented…
“The landlord can petition for a reduction in real estate taxes because of an alleged diminution in the value of the property due to loss of commercial rental income, however this will not offset the economic loss suffered as a result of vacant space.”