Posted on 08/11/2020 3:26:31 PM PDT by Mount Athos
In the heart of Manhattan, national chains including J.C. Penney, Kate Spade, Subway and Le Pain Quotidien have shuttered branches for good. Many other large brands, like Victorias Secret and the Gap, have kept their high-profile locations closed in Manhattan, while reopening in other states.
Michael Weinstein, the chief executive of Ark Restaurants, said he will never open another restaurant in New York.
Of Ark Restaurants five Manhattan restaurants, only two have reopened, while its properties in Florida where the virus is far worse have expanded outdoor seating with tents and tables into their parking lots, serving almost as many guests as they had indoors.
Theres no reason to do business in New York, Mr. Weinstein said. I can do the same volume in Florida in the same square feet as I would have in New York, with my expenses being much less.
In Manhattans major retail corridors, from SoHo to Fifth Avenue to Madison Avenue, once packed sidewalks are now nearly empty. A fraction of the usual army of office workers goes into work every day, and many wealthy residents have left the city for second homes.
Some popular chains, like Shake Shack and Chipotle, report that their stores in New York were performing worse than others elsewhere, investment analysts said. A few dozen Subway locations have closed in New York City in recent months.
A Gap Store near Rockefeller Center has stayed closed and has not paid its $264,000 monthly rent. Two T.G.I. Fridays in prime locations, one near Rockefeller Center and another in Times Square, have remained closed while its restaurants elsewhere in the country have reopened.
Landlords have started filing lawsuits against commercial tenants for not paying rent, accusing some national brands of trying to take advantage of the crisis.
(Excerpt) Read more at nytimes.com ...
Who’s buying those apartments at fire sale prices...the Chinese?
Time to create a chain of National Public Restaurants, always politically correct, never profitable, and mostly funded by the American taxpayer.
“””A Gap Store near Rockefeller Center has stayed closed and has not paid its $264,000 monthly rent. “”””””””””’
I think I see the problem, Jim.
Fall into the GAP!
...and a variety of clam chowder.
Commercial real estate is gonna get slammed.
Creating sh##holes are a #1 priority for the rats. Why would they open to get their store destroyed and looted? Things will change when those who bear the brunt of this chaos, the urban poor families who have no where else to go and are being held hostage have had enough and start electing sane people and law and order come back in a big way
“....while its properties in Florida where the virus is far worse .)”
Where does that bull shit come from?
The BLM guy said yesterday 1) it’s a form of reparations taken from white people when persons of color loot and 2) it’s all paid back by insurance.
So how sky high could insurance rates go-—paid by all of us good people?
What if insurance companies say 1) huge charge next term if you lost in looting and burning by “protests” and 2) We’re not insuring your region any longer.
If that is “redlining” ——then no solution.
OMG Victorias Secret is paying $937,000 a month in rent are these businesses INSANE!! How in the hell could a business break even with taxes, labor, utilities, and inventory OMG I am astounded!! No wonder they are BEGGING people to come back NO WAY should they go back!! Can you even believe that this INSANE mayor lets this happen to businesses that are paying this kind of rent in his city!
Finishing the job the Arabs started.
Other cities that have encouraged/allowed these riots are also losing businesses.
So, they [Libs] think a reduction in police forces/budgets will make things better.
==
Hard to determine whether it is stupidity or idiocy. The results are about the same either way.
320 million Americans have their own problems. Restaurateurs in NYC are not on the list.
A guy here had to close due to covid tyranny but he bought a food truck to beat the laws
Its OK. Gap will be replaced by organic hemp clothing woven and tailored on site. Of course, theyll be paying about 1% the rent Gap did. The same goes for the restaurants. Pupusas and pho with barbershops, massages and dice in the back. It will be much more diverse than that white bread Gap store.
$264,000 a month rent OMG they have got to be kidding me!!
In the same or another article Victorias Secret was paying $937,000 per month rent.
Sounds unsustainable.”
sure does, 264K a month plus NYC and NYS taxes. That and knowing the Amish could loot your inventory and burn your store at any time. Why would anyone re-open?
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-Gov Andrew Cuomo
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