Hacker News Reader

Comment by isubkhankulov | Hacker News Reader

this phenonomen is not limited to bleecker st. CRE prices are pretty high right now, especially in most parts of manhattan.

landlords are happy to let leases expire, jack up the rent and look for the next 10 yr tenant. usually a 2-3 % annual escalation is added to the lease.

View on HN

Maybe this is how 1980s NYC will make a comeback.

What was that?

When there wasn't a Duane Reade or Citibank on every corner! :)

Duane Reade, an OK drug store, but brilliant real estate investment company.

Interesting - I didn't know they held their own real estate

They don't.

And they're owned by Walgreens for some time now.

I've read that the endless bank branches are partly a result of regulations that incentivize banks to put branches in low income neighborhoods. Because of some statistical anomalies, parts of midtown and downtown Manhattan are considered low income neighborhoods.

http://www.foxbusiness.com/features/2017/05/18/never-mind-fe...

(originally printed in the WSJ)

That may be part of it. (Don't know.) But generally speaking I observe that both bank branches and mobile phone stores seem to occupy vast stretches of real estate that seem to be out of all proportion to what the businesses can rationally make effective use of. But I guess it's all part of projecting a bigger is better image.

The drug chains at least also functionally serve as convenience stores as well and, in my experience, they do get quite a bit of foot traffic. I actually find it a bit inconvenient when traveling internationally that this sort of store doesn't really exist--with the somewhat exception of the UK.

What's CRE prices?

Edit: I guess you meant Commercial Real Estate?

Reply on news.ycombinator.com