New York's vanishing shops and storefronts: 'It's not Amazon, it's rent'
Can anyone explain the economics of being a NYC landlord and keeping a property vacant for months or years?I've experienced this in several different neighborhoods I've lived in, but it's worst in my current neighborhood (Upper West Side).This article gives some high-level reasons (institutional investors more willing to wait for higher rent, banks devaluing non-chain properties, real estate bubble). But it's hard for me to imagine the math works out for leaving a space vacant in NYC for years.