The building just south of 125th Street on Manhattan Avenue finished up a major restoration last year and now the commercial spaces are up for rent. Word of mouth has it that the former laundromat space is now going for $23,000 a month. Can any business besides a bank open at this storefront? Harlem's main commercial corridor is already saturated with major banks and the only other option would be a major fast food chain of which is not needed in the neighborhood at large.
No foot traffic to support that rent.
ReplyDeleteIt's like this all over upper manhattan now. Tiny, 500 square foot spaces on bad blocks far north of 125th st (in the 140's and 150's, for example) go for more than $3-4000 per month. There's not much you can do in there, with no foot traffic (at least with $ to spend), so the spaces sit empty. Uptown landlords are actively holding back Harlem development, and encouraging particular kinds of commerce to establish (banks, chains, etc.). The reason Brooklyn is populated with good stores, restaurants, etc., is because landlords in further out, more economically depressed areas are more realistic about rents. I've tried opening cultural venues uptown, and the landlords won't allow it. If I didn't own property here, there wouldn't be much reason, based on the complete lack of commercial opportunity, to stay.
ReplyDeletetrader joe's? that will bring foot traffic there.
ReplyDeleteYes! We need a Trader Joe's! That would be perfect !
ReplyDeleteWell, they painted over a Banksy on the southern wall during the renovation. Ah, the price of gentrification!
ReplyDelete