I hope that the crap at the south end of the block is redeveloped. I believe that the owners of Century 21 also own all of that mierda (up to, but not including, the Pret at 179 B’Way, which is a gorgeous building). They even own the hideous piece of trash at 10 Cortlandt St. This is a big site.
This is a big site.
This sucks! I would always shop there when in NYC.
It was a popular store, but its properties were a huge eyesore. This crap can’t come down soon enough.
Yeah, I’m sad that an iconic retailer is closing, but happy this horrible site will be redeveloped. Perfect for a soaring residential spire.
The only thing I hope they keep is the two buildings next to the sushi place, Can’t wait to see if they tear down the ugly building that century 21 was in or if they gut the place
I hate to be a Debbie downer but with everything going on today I am afraid that the Century 21 buildings could sit vacant along with so many other buildings being vacated by bankrupt companies for a long time. On another note I think it would be wise for developers to stop including, and the city to stop requiring, retail space in new construction. There is going to be so much empty retail space for a very long time and with the continued rise in E commerce much may never be filled. BTW this phenomenon has not only manifest itself in the cities but the suburbs as well. Urban planners, sociologists and other disciplines concerned with this subject must start rethinking how communities will adapt.
I don’t think so. Covid is temporary, and there is (and always will be) massive demand for space in NY, particularly in prime locations like this. Something very nice will rise here.
With London’s decline, NY has emerged as the unparalleled world capital.
This is exactly right. New York will rebound ferociously from Covid.
New York! America!
It already has. Barclay’s announcement that it’s seeking 500k sf is big news!
Wow! I was unaware of that. Tremendous.
New York will pretty much be the epicenter of the global economy for the next few centuries at the very least.
The biggest, most important city in the largest economy by far with no end to growth in sight.
I still think the retail base will shrink substantially. NYC may fair better than most other places because of the walk-ability of Manhattan and it’s tourist trade but it will never come back to what it was. Covid has done a number on so many chain stores and has made E commerce more prevalent. Look at how many stores have disappeared over the years. When I first moved to Manhattan there was Gimbles, B Altman, Best and Co, Bonwitt Teller, Lord and Taylor, Alexanders, Barney’s, S. Klein, Abraham and Strauss and Gertz. These were the large stores that are now gone, buildings torn down or repurposed. I know the last 2 were not in Manhattan but were still headquartered NYC. Retail will never be what it once was. The city may be coming back but it will take years to replace all of the closed restaurants and small shops that have been lost.
I’m more sanguine than you are. NY is unlike any other place. It’s the only American city that’s getting commitments during Corona times for millions of new square feet of office space.
I have spent my entire adult life in various positions in retail, from sales to executive positions to owner. Office space is not a driving force of any economy like retail is. Moving companies around like musical chairs within a city benefits a very few. Expansion of companies helps but is many times offset by companieasmoving out of a city. Yes, NYC is very dynamic and will still be around after all of this mess is behind us. But with e commerce growing there will still be the question of what to do with all of the empty stores and the unemployed. Most retail workers are not skilled labor and will be difficult for them to find employment. A dishwasher or sales clerk will not be getting one of the $150,000.00 jobs at Amazon.
The retail rents are much too high for small businesses and interesting small restaurants. Until commercial renters decide they would rather rent for less per month instead of having empty storefronts, we will be stuck with just banks, various large chains/franchise businesses, and lots of “for rent” signs. Our loss IMHO
Yes, rents are too high, greed becomes the great equalizer at the expense of many. Those landlords will be holding on to empty spaces for a long time. They will have to ask themselves if the gouging was worth it.
The rents are too damn high!
This is a kind of long video but it explains the high asking prices on retail rent. It’s pretty easy to figure out when you have gotten the gist of what he has said and exit the video.
I’m so pleased with the redevelopment of this immediate area. Does anyone remember how dilapidated this stretch was before 9/11? I can’t wait for the adjacent Century 21 properties to be redeveloped.
The same is true with Park Row. It went from a disgusting little stretch of Gahenna to a stunning gem worthy of its glorious neighbors: City Hall, the Municipal Building, the Tweed Courthouse, the Surrogates Court, the Woolworth, etc.
Well C21 filed for bankruptcy so you might just get what you wish for!
