Amid a 27% vacancy rate on Amsterdam avenue on Manhattan’s Upper west side and a 20% vacancy rate in Soho, Mayor Bill DeBlasio is considering a vacancy tax or fine for Manhattan landlords that leave their stores vacant. The idea is in the planning stages without a concrete plan as to how it would work. Retail has been struggling due to the brick and mortar sales declining as internet sales have risen in the last several years.
The Whole Foods coming to 125th street and Lenox avenue is progressing towards completion. The 6 story structure will include a Burlington Coat Factory, and Olive Garden and over 160,000 of retail. All spaces are already leased.