Relevant:
- Manhattan's Upper East Side is facing a retail vacancy epidemic
- Broadway's empty storefronts total almost 200, borough president says
- Why New York Has So Many Empty Storefronts
- Retail Rents Have Dropped More Than 20% In Parts Of Manhattan As Landlords Get Desperate
- Manhattan Landlords Cut Deals to Stave Off Vacant Storefronts
2018-09-10 — nytimes.com
...
A survey conducted by Douglas Elliman found that about 20 percent of all retail space in Manhattan is currently vacant, she said, compared with roughly 7 percent in 2016.
While a commercial crisis might more likely be associated with periods of economic distress, this one comes during an era of soaring prosperity, in a city teeming with tourism and booming with development.
...
Particularly hard hit are gentrifying areas in Brooklyn and many of Manhattan's top retail strips in some of the world's priciest shopping districts, from Broadway in SoHo to Madison Avenue on the Upper East Side.
Yeah right, it's just a "period of prosperity" -- not a time of papered-over economic lacunae using cheap money...
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