Middle Village Blog-Real Estate 2019 December-collective interviews by professionals in the business
Have you noticed all the stores shutting down all around?
Most people are aware of these stores in the area closing down due to higher rents and passing of tax increases on buildings. How much can a tenant afford to make a living?
This is not about a individual who just purchased a Mixed use building, one who has a high mortgage, and is putting in plenty of his or her own money to cover the expenses. No in fact these are Landlords that own two, three, four or more buildings with hardly any mortgage payments since they bought or inherited the property years ago, or no mortgages at all. They are the ones who hound the tenants every other month about something.
These are Multi- Millionaires crying to the tenants that taxes went up so they must pay more expenses on their stores. Tenants are fed up with the visits and discussions. Seven recent stores on Metropolitan Avenue are now empty. Three more are on the verge of leaving as well. The difference between a logical reason why a store, or Doctors office is empty is either a building was sold and the owner who used the store moved. The other reason maybe a Doctor passed away. The rest of the stores suffer from Greedy Landlords who must loose rents and deserve to pay out of pocket additional monies for their Greed. It is a sickness and they will never change.
We are now following what Ridgewood is going through on Myrtle Avenue. Store after store, one by one closing down.
Think about it. If you the store owner has to make $10,000 per month just to pay expenses, how are you supposed to make it. That includes the new Burrito place on 73place and Metro. Some tenants on Metro are paying $6,000 dollars in rent. Add in Utilities, payroll, workman’s comp, and insurances, before you know it you are up to Ten Grand per month.
Recent departures-Capital One Bank, Lee Nails, Doctor Zaltman’s office, Middville hardware store, Quagliata Butcher shop, Insurance offices on Metro and 73place, Saab associates on 79place on Metro, Heart Doctor on 78street on Metro.
Rumors-who maybe next to leave the Avenue. The Fish store, the Ice store, the therapy center, the Bakery by Chase Bank and long shot for 2020 is Senator Addabbo’s office on 73place.