There is a buzz about a proposed piece of legislation that is being proposed. While no one wants to see businesses close because of massive rent increases, the NYC Council doesn’t take into consideration online retailers, an unfavorable regulatory environment for small businesses and other factors. Seems like this is DOA so that is good news.
SRO's
When I first moved to Harlem there were a fair amount of these. They were cheap. A friend who was a mortgage broker wanted no part of them. Might have been a stretch to buy one from an administrative perspective. Here is an excellent article outlining the risks of buying one in hopes of converting. Another tactic could be keep it as an SRO and rent to a city program.
Storefront Vacancy
As usual, the politicians and media give a skewed view on commercial vacancies. While online retailers have changed the dynamics of selling, in fact, some commercial corridors are doing just fine. This is per the City’s own Planning Agency. A commercial tenancy is a very complicated business relationship. Lets hope the NYC govt doesn’t try to enact some legislation regarding these arrangements. See the report below.
Newegg.com
I urge everyone to sign up for emails from this site. Every once in a while I get deals that effectively take 10% off Home Depot or Lowe’s gift cards. You have to act quickly though. Good luck!