vacant storefronts

real estate trends, West Village 

Photo via Nick Sherman’s Flickr

Brookfield Property Partners announced on Monday it has acquired seven retail storefronts across four properties in the West Village, an attempt to rescue retail in a neighborhood which has had a high rate of vacancies for years. The company hopes to attract e-commerce companies that are interested in testing out brick-and-mortar locations. The properties, found along Bleecker Street between West 10th and West 11th Streets, measure 24,000 square feet. Brookfield paid New York REIT $31.5 million to acquire the properties.

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City Living, Policy

Photo via Dan Nguyen/Flickr

In the “it’s about time” department, the New York Post reports that Mayor Bill de Blasio is considering a tax that would discourage retail landlords from letting their properties sit vacant, depriving potential local businesses of opportunity while giving the middle finger to neighborhood morale. Addressing the rising number of vacant storefronts in just about every neighborhood in the city, the mayor said Friday on WNYC that he would like to see a penalty in place for landlords who leave storefronts sitting unoccupied, presumably waiting for big-ticket tenants who have yet to materialize.

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