Miracle on 80 street and Eliot Avenue in Middle Village!
by godfather
Oct 17, 2012 | 1075 views | 1
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10/17/12 news in the Community of Middle Village. After having stores on Eliot Avenue, and 80 street vacant for over 2 years, they are finally rented!
Yes the countless phone calls, countless hours, interviews, offers, meetings, negotiating, counter offers, have finally come to an end. A new record set in Middle Village.
Over $250k loss in rents, undetermined amount of taxes, & insurance, attorney fees, it is finally over for the Landlord. However, it is just the beginning for the new Tenants.
Good Luck and well wishes to the Tenants. One being the owner of Met Supermarket, who originally wanted the corner store to begin with over 2 years ago. And although he finally was granted a lease months ago, nothing has been done with the store as of yet internally. He just wanted to expand his produce section of the current store, and now must contend with his Architect, keeping the Landlord abreast, and her Attorney, and her Architect for approvals. Sources said the lease that was signed was not a long period either for whatever reasons. But he must be thrilled right now about it all. Yes, one of the Best Tenants probably in all of Middle Village, and for sure the Residents do appreciate his Supermarket quite a bit. Lastly, we all hope he remains in the Community, since his business is so vital to the Community. A follow up story three years from now may or may not be front page news in every local paper. For reasons from discussions, the very potential of squeezing a tenant to the Brink of having had enough financially to the point of it not being cost effective any longer could force him out of town altogether.
Next, can you imagine how many times a Dunkin Donuts wanted to rent this space in the years of it being Vacant? Try 3 times by three different owners.
Reasons why it feel through during negotiations was naturally the rent. As the Real Estate Market was in a decline, the rent per sq.ft. was of the old, then add the percentage of huge taxes, had put it to the level of Queens Blvd. area. But it is not the corner store for DUNKIN, it is the two rear stores, that will be the DUNKIN DONUTS. Less expensive in rent, more costly in renovations, and the taxes are lower of course than the corner store. Lets see how long this will take to be put together along with having a grand opening.
Hopefully the new tenants and their workers can contend with the strong odor from the supermarket meat which comes up from the basements, according to one tenant who was considering the rear stores until that odor proved to strong during the hot days of July. But in any event, congratulations for a job well done by the Landlord who really did it the hard way, time wise, and money wise. Probably the most unheard of method for a Landlord in Middle Village History!
If in the future this property were to come up for sale, hopefully it won't take 3-7 years to sell it. Now it is fully rented, and taxes are being paid.
Its over for the Landlord and it continues for the Tenants!
What a Story!
It's Queens Magazine
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?