Was reading something on how there hasn't been a lease signed on Kent Street in williamsburg for all the new buildings will all the new condos. Makes me wonder... What happens when the retail never shows? All the new developments sold folks on the fact that all these people and stores would show up, and the neighborhood was going to explode. Now that sales have ground to a halt, and little new... [more]
Was reading something on how there hasn't been a lease signed on Kent Street in williamsburg for all the new buildings will all the new condos.
Makes me wonder... What happens when the retail never shows?
All the new developments sold folks on the fact that all these people and stores would show up, and the neighborhood was going to explode.
Now that sales have ground to a halt, and little new retail will be opening, what effect is that going to have on the "fringe" areas.
I think of WB, LIC, 1 BBP, which talked about a whole foods or whatever. When these storefronts sit empty, I have to figure thats going to add to the problem of sales.
Add in that a lot of these apartments got built further from the subways and what retail there was. Bedford is one thing, being on the water, especially something like down by Schaeffer Landing is another.
What percentage of this retail is actually going to happen?
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Response by w67thstreet
over 17 years ago
Posts: 9003
Member since: Dec 2008
poop :)
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Response by jgr
over 17 years ago
Posts: 345
Member since: Dec 2008
I hear the martians are avid consumers.
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Response by Slope11217
over 17 years ago
Posts: 233
Member since: Nov 2008
Hahahahahahahahahahahaha
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
I was walking around 86th and 3rd this week, and was blown away by how many storefronts had closed down. Cold Stone! Straight from the crate, gothic cabinet, and a ton of others. And we aren't exactly talking high end shops here....
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Response by evnyc
over 17 years ago
Posts: 1844
Member since: Aug 2008
Lots of closings in the East Village as well in recent months. Latest casualty is Love Saves the Day, although that store has been on my personal death watch for years. What will happen to the retail storefronts? Either they will stay empty, or rent for less than projected.
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Response by bjw2103
over 17 years ago
Posts: 6236
Member since: Jul 2007
I'm pretty sure nyc10022 means Kent Ave and not Kent St (which is in Greenpoint). I don't think it's a surprise that there isn't retail there yet - few new residents have moved in to date. Only the first Northside Piers building is occupied. Once the first phase of the Edge is done, as well as 111 Kent, 184 Kent, and whatever else I'm forgetting at the moment, you'll see a lot more pressure to get retail in there. It's never been a particularly residential avenue, and with Bedford Ave so close, there just isn't serious demand there until more people are around. This economy will do nothing to change that in the next few months.
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Response by jake
over 17 years ago
Posts: 277
Member since: Jan 2007
nyc10022, don't forget circuit city. Where are the hookers on 85th between 2nd and 3rd going to get their HDTVs?
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Response by nyc10022
over 17 years ago
Posts: 9868
Member since: Aug 2008
Sorry, it was Kent Ave... typed too fast.
I get that there will be "pressure", but we've all seen long empty storefronts in neighborhoods with people in 'em. Not sure who is going to be opening stores in a recession...
1BBP seems to have absolutely no movement at all.. and they've got people living there, and no stores whatsoever right there.
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Response by bjw2103
over 17 years ago
Posts: 6236
Member since: Jul 2007
No, I agree with your assessment there. The one "positive" in this though is that these buildings won't be occupied until end of '09 (and later). I don't think we'll be out of the recession by then, but it wouldn't surprise me if we were starting to see at least some positive signs. Regardless, I think the retail will come at some point - it just may be a while for the early arrivals. And for WB, it's not like there's a dearth of shopping nearby.
For 1BBP, it's tougher, but the good news is they just greenlighted the construction of the park. That's a big plus for the area, I think.
poop :)
I hear the martians are avid consumers.
Hahahahahahahahahahahaha
I was walking around 86th and 3rd this week, and was blown away by how many storefronts had closed down. Cold Stone! Straight from the crate, gothic cabinet, and a ton of others. And we aren't exactly talking high end shops here....
Lots of closings in the East Village as well in recent months. Latest casualty is Love Saves the Day, although that store has been on my personal death watch for years. What will happen to the retail storefronts? Either they will stay empty, or rent for less than projected.
I'm pretty sure nyc10022 means Kent Ave and not Kent St (which is in Greenpoint). I don't think it's a surprise that there isn't retail there yet - few new residents have moved in to date. Only the first Northside Piers building is occupied. Once the first phase of the Edge is done, as well as 111 Kent, 184 Kent, and whatever else I'm forgetting at the moment, you'll see a lot more pressure to get retail in there. It's never been a particularly residential avenue, and with Bedford Ave so close, there just isn't serious demand there until more people are around. This economy will do nothing to change that in the next few months.
nyc10022, don't forget circuit city. Where are the hookers on 85th between 2nd and 3rd going to get their HDTVs?
Sorry, it was Kent Ave... typed too fast.
I get that there will be "pressure", but we've all seen long empty storefronts in neighborhoods with people in 'em. Not sure who is going to be opening stores in a recession...
1BBP seems to have absolutely no movement at all.. and they've got people living there, and no stores whatsoever right there.
No, I agree with your assessment there. The one "positive" in this though is that these buildings won't be occupied until end of '09 (and later). I don't think we'll be out of the recession by then, but it wouldn't surprise me if we were starting to see at least some positive signs. Regardless, I think the retail will come at some point - it just may be a while for the early arrivals. And for WB, it's not like there's a dearth of shopping nearby.
For 1BBP, it's tougher, but the good news is they just greenlighted the construction of the park. That's a big plus for the area, I think.