Further proof of NYC's decline

Here, allow me to provide the full text for PsychoCrackerBoy:

Big-box gap on Mag Mile
By: Eddie Baeb May 12, 2008
There are more vacant storefronts around the Magnificent Mile than at any time in the past 16 years, a sign that even Chicago's premier shopping strip isn't immune to the forces buffeting the broader retail industry.

And things are likely to get worse before they get better, as retailers vacate big-box-style storefronts in the area this year while few such merchants seek new space.

"I think you're going to see the big-box retailers gravitate away from Michigan Avenue," says Bruce Kaplan, senior vice-president with the Chicago office of real estate services firm CB Richard Ellis Inc. and co-author of an annual survey on Mag Mile retail vacancies.

The retail vacancy rate in the North Michigan Avenue corridor surged to 6.3% in the year ended April 30 after hovering just above 4% for the past four years, according to the survey. The last time the rate was higher was in 1992, when it stood at 9%.

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mag mile - michigan avenue - box gapSponsored by Most of the vacancies are in 20,000-square-foot or bigger sites as well as on the upper levels of vertical malls, particularly the long-struggling Chicago Place. That building's owner is considering a massive renovation that could include converting most of the mall's upper floors into a hotel.

The CBRE survey doesn't take into account two large spaces opening up later this year. American Girl Place is moving to Water Tower Place, emptying about 40,000 square feet at 111 E. Chicago Ave. Linens 'N Things is closing its 42,000-square-foot store at 600 N. Michigan Ave., a plan announced this month as the retailer filed for bankruptcy protection.

"It's kind of a reflection of the economy and what's happening with retail," says Scott Baskin, president of Woodridge-based apparel retailer Mark Shale, whose flagship store is at 900 N. Michigan Ave. "Rents and occupancy costs are so high here, it makes it a challenge for the retailer to make the numbers work."

Asking rents, in fact, climbed for the fourth straight year to $69.35 a square foot in the Mag Mile area, according to the survey, which CBRE took over this year from Northern Realty Group Ltd.

Best Buy Co.'s deal to lease space at the Hancock Center will put the electronics chain among the few big-box retailers still on Michigan Avenue. CBRE's Mr. Kaplan sees suburban-oriented mass merchants decamping for neighborhood locations like the outskirts of Lincoln Park or the South Loop, where there's cheaper rent and more parking.

That means Michigan Avenue landlords with big, empty spaces will have to re-divide their buildings and seek high-end retailers — stores with fatter profit margins and customers who will keep spending despite gas prices of $4 a gallon or more.
Messrs. Kaplan and Baskin, however, believe the strong tourist trade will buttress Mag Mile retailers in a recession.

"The most important thing to me is to make sure this remains a world-class shopping street, and a place that Europeans want to come visit," Mr. Baskin says.

http://www.chicagobusiness.com/cgi-bin/news.pl?rssFeed=news&id=29388

Roofies oops Rufus.

Quantum is Rufus, who was rejected by his dream school and dream city, Columbia and New York City.
He loved the city until sour grapes set in...

This is all well documented...
http://www.streeteasy.com/nyc/talk/discussion/8131-rufus-mystery-solved

He is so jealous he spends all day trying to post negatively about NYC.

Man, this guy is so pathetic...

"got rejected at columbia business and am pretty devastated."

"Oh well. I have to spend an extra year in shitty Chicago and reapply for round 1 next year."

"I've been to NYC several times but haven't really partied extensively. But almost everyone I've talked to who lives there tells me how NYC is so much fun and doesn't really get boring, people are interesting, etc. To what extent is this true? What makes NYC so much more fun than other cities like LA, SF, Boston, Chicago, etc.?"

"I live in Chicago but have been to NYC quite a few times and noticed a very sharp difference in the respective social scenes. Chicago seems much more fratty and bar oriented while NYC is a bit more upscale and pretentious. The girls in NYC also dress a lot better as well. I would like to hear opinions on this subject from those of you familiar with both cities."

"Thanks for the encouragement. I'm just really bummed out since I'm 27 years old, and now is the perfect time to go. And socially, I'm extremely dissatisfied with Chicago and really want to be in NYC. I just have to improve my application for next year and hope things turn out better"

Now that he's been rejected multiple times, he's changed his story a bit.

Rufus - If this is how you deal with rejection, you have the terms "stalker" and restraining order" in your future.

But look on the bright side, once you're in prison you might make someone a nice girlfriend on the inside.