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LANDLORDS OF RETAIL STORES- A MUST READ INFORMATIVE ARTICLE!
Feb 20, 2013
james turano commented on your blog post: "THE ARTICLE ITSELF.....AFTER COMPLETING 33 YEARS IN THE REAL ESTATE BUSINESS, I HAVE SEEN IN THE PAST 12 MONTHS A DECAY SPREADING THROUGHT RIDGEWOOD, MASPETH, GLENDALE, MIDDLE VILLAGE, AND REGO PARK AREAS PERTIANING TO THE CLOSINGS OF MANY STORES. I HAVE WRITTEN ABOUT HIS MANY TIMES, SOME LANDLORDS ARE NOW UNDERSTANDING THIS ONGOING SITUATION AND MAKING ADJUSTMENTS BUT MANY ARE NOT. THE LANDLORDS WHO DO NOT WANT TO FACE THE REALITY OF DOWNWARD RENTALS PER SQUARE FOOT, WILL SUFFER THE BIGGEST MONTH TO MONTH RENTAL LOSS IN HISTORY! FRESH POND RD. AREA MANY STORES HAVE CLOSED DOWN.)MASPETH/RIDGEWOOD) REGO PARK ON WOODHAVEN BLVD. HAS MANY VACANCIES FROM CLOSINGS OF STORES. MIDDLE VILLAGE HAS ABOUT THREE CURRENTLY WHICH IS NOT TOO BAD, BUT GLENDALE ON MYRTLE AVENUE MANY STORES HAVE CLOSED DOWN. I HAVE RENTED MANY STORES IN THE PAST 10 YEARS. I HAVE KEPT TRACK OF PER SQ.FT. RENTALS IN ALL AREAS. MAJORITY OF LANDLORDS DO NOT WANT TO HEAR ABOUT THIS, STATING ALWAYS I WAS COLLECTING X AMOUNT. SO THE AVERAGE LANDLORD TODAY HAS A VACANCY OF AN AVERGAE OF 4-8 MONTHS UNTIL SOME WAKE UP TO THE REALITY OF MARKET CONDITIONS AND LOWER THEIR ASKING RENTS! FULL OPERATIONAL BUSINESSES IN ALL AREAS ARE STRUGGLING FOR THE MOST PART RIGHT NOW, AND PAYING UNBELIEVABLE RENTS STARTED YEARS AGO. TWO THINGS NEED TO BE ADDRESSED ACCORDINGLY. 1) LANDLORDS NEED TO ADJUST WITH THE TIMES TO RENT VACANT STORES. 1A) THOSE TENANTS STRUGGLING NEED TO SIT DOWN WITH THEIR CURRENT LANDLORDS AND JUST LIKE REMODIFYING A MORTGAGE, THE NEED TO RENOGIATE THEIR CURRENT RENTS. 2) HAND AND HAND WITH BUSIENESES IN THE VARIOUS COMMUNITIES, THE ORGANIZATIONS IN EACH COMMUNITY, ALONG WITH THE BUSINESSES, NEED TO SUPPORT THEIR PRECINCT, ASSITING THEM IN EVERY WAY POSSIBLE TO GATHER AND COLLECT ALL INFORMATION FROM CUSTOMERS WHO WILLING REPORT CRIMES GOING ON THEIR AREA, NEAR THEIR HOMES, AND PASS THAT ALONG TO THEIR PRECINCT REPRESENTATIVES, SO THEY MAY INVESTIGATE AND ARREST THE INDIVIDUALS COMMITTING CRIMES THAT ARE GOING ON BY THEIR HOMES. OTHERWISE THE END RESULT IS STORES BEING ROBBED, PEOPLE BEGIN GETTING MUGGED, AND ROBBERIES OF PATRONS WHILE IN THE STORES BECOME VICTIMS. 2A) WITH THE ECONOMY BEING SO BAD, THERE ARE MORE CRIMES INCREASING IN ALL AREAS. MORE DRUG ACTIVITY TO AND IF RESIDENTS, AND BUSINESS OWNERS DO NOT REPORT WHAT THEY SEE, AND KNOW OR HEAR ABOUT, THEN WE CAN NOT RESOLVE THE TERRIBLE SITUATION, CAN WE? " To see the comment, follow the link below:http://www.loopnet.com/xNet/MainSite/User/MyProfile/Blog.aspx?ID=42034545767163275940 | ||||