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Upper East Side’s Empty Storefronts Turning Tide on Rental Costs

Hal Shapiro, Scarsdale, NY

Hal Shapiro of Scarsdale, NY, serves as the senior director of Winick Realty Group, LLC, in New York, NY. Focused on retail brokerage, Scarsdale's Hal Shapiro was recently featured in a news article on DNAinfo discussing the empty storefront problem on the Upper East Side.

According to a survey by the team of New York mayoral candidate Sal Albanese, there were 145 vacant shops on the 144-block section from 57th Street to 95th Street along First, Second, and Third Avenues as of June 2017. The vacancies are the result of closures that have rocked the area over the past couple of years.
Retail tenants are closing because of the high rental costs in the city, which make it hard for businesses to stay afloat. Other areas of New York City have also been affected by high rent problems. Small Business Congress estimates that the city is losing 1,000 small businesses every month.
However, things are beginning to change, according to Mr. Shapiro. Landlords are starting to feel the pinch of the closures and are now more open to negotiating favorable deals.

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