The Wuhan Virus and the fear-mongering which accompanied it has decimated the national economy and local economies as well. Most big cities are reeling from both revenue losses, and the inaction of their politicians. Many companies are considering shuttering their doors.
High-end handbag maker Valentino is suing to get out of its lease on Fifth Avenue in Manhattan, a vacated Barneys New York still sits empty on Madison Avenue just a block over, while bankrupted luxury department store chain Neiman Marcus is shutting its doors for good on Worth Avenue in Palm Beach.
As the coronavirus pandemic brings tourism to a temporary standstill, leaves consumers holed up at home and puts millions out of work, America’s glitziest and most expensive retail districts are losing tenants, and rents are in a free fall…
You may find this difficult to believe, but New York City mayor Bill de Blasio is dousing gasoline on an already mammoth blaze.
It is already beginning to play out with the changes taking place throughout the New York City retail scene, serving as a leading indicator of what’s to come in other major metros, real estate analysts predict.
De Blasio’s mismanagement on a ll fronts will singlehandedly destroy New York City as we know it. It will soon be as unlivable as it was during the Koch and Dinkins regimes.
During the second quarter ended June 30, average asking rents along 16 major retail corridors in Manhattan declined for the eleventh consecutive quarter, falling to $688 per square foot, according to a report from the commercial real estate services firm CBRE. The drop marked the first time since 2011 that prices dropped below $700, the firm said, representing an 11.3% decline from a year ago.
It’s interesting CNBC mentions nothing about the defunding of the NYPD, which is a major contributor to the city’s impending demise. I worry for the people who will be trapped there when the Big Apple goes the way of Escape from New York.