Hal Shapiro, a senior director at Winick Realty Group with over a decade of experience in real estate, examines the epidemic of empty storefronts in NYC. An increase in vacant stores over the last few years has been attributed to rising rental prices and infrastructure upgrades disrupting businesses. A survey found that almost 150 stores sat empty on the Upper East Side alone due to the Second Avenue Subway construction. Additionally, overpriced properties discouraged rentals. However, landlords have recently become more reasonable and flexible in negotiations to fill vacancies.

1. A Look at the Epidemic of Empty
Storefronts in NYC
By: Hal Shapiro Scarsdale, NY

2. A Look at the Epidemic of Empty Storefronts in
NYC
Hal Shapiro, a resident of Scarsdale, NY, has served as the senior director of Winick Realty Group,
LLC, since 2001. A graduate of the University of Miami with a business management degree, Hal
Shapiro of Scarsdale, NY, leverages more than a decade of experience to provide insight into
neighborhoods and trends.

3. A Look at the Epidemic of Empty Storefronts in
NYC
An increase in the number of vacant storefronts over the last few years has been blamed on
skyrocketing rental prices and infrastructure upgrades. According to a 2017 survey, on the Upper East
Side alone, almost 150 retail stores remained unoccupied due to the construction of the Second
Avenue Subway. Additionally, landlords overpriced their properties, which discouraged rental uptakes.

4. A Look at the Epidemic of Empty Storefronts in
NYC
A worrisome trend of big retailers pushing out smaller shops emerged, with an estimated 1,000 small
businesses closing shop each month. If each business employed roughly eight people, this would
translate to a loss of approximately 8,000 jobs every month, according to the Small Business
Congress.

5. A Look at the Epidemic of Empty Storefronts in
NYC
However, things have begun to change as property owners are growing more reasonable, creative,
and flexible in order to strike deals with clients.