Though brick-and-mortar retail shops continue to suffer throughout the five boroughs, and particularly in Manhattan, New York City’s pop up stores, flea markets, farmers’ markets, and art fairs are thriving. Even with rents surpassing $7,000 for a 10-by-10 booth at Chelsea’s Artists & Fleas, the collective space is attracting a swarm of merchants, as well as thousands of shoppers. The model has proven lucrative for retailers. Once upon a time, they may have aspired to rent a storefront. Many now consider the practice to be vain and unnecessary.
For landlords who are hoping to fill large retail spaces that may otherwise go vacant, these types of temporary bazaars may be something to consider.
The Wall Street Journal has more.
A group of landlords and homeowners are suing the city because of discrimination. Those leading the charge claim that the city’s property-tax system is unfair, and believe that taxes should be based on a property’s value, not on a system that gives breaks to condo and co-op owners in gentrified areas, while punishing thousands of landlords and owners of private homes in the outer boroughs. They face an uphill battle, however, since specious arguments about how this will unfairly hurt people who are benefiting from the unfair practice are already beginning to appear in leading publications.
Crain’s New York has more.
In a Landlords New York Minute – A (Very) Brief Look Around the World
Inflation in Brazil has hit a ten-year low after spiking in early 2016, newly-elected South Korean President Moon Jae In hopes to foster peace with North Korea, thousands in Macedonia are protesting because they feel the European Union rigged their election, protests in Tunisia over rampant poverty have led the president to deploy the army, and Rome evidently sucks (Roma fa schifo). In a move that has upset Turkey and further entangled the U.S. in the Syrian civil war, President Donald Trump is moving to arm Syrian Kurds who are fighting both ISIS and the Assad regime. Yesterday, the president fired the Director of the FBI, James Comey, and then hired a law firm to send a certified letter to Senator Lindsey Graham’s office that states that Mr. Trump has no connections to Russia, which should put an end to any and all suspicions because a certified letter from “a leading law firm in Washington, D.C.,” really shows that you mean business. However, for some reason, it this did not qualm calls for an independent investigation into the Trump administration’s ties to Russia, and, in fact, may have made them more vociferous, especially since the lines of communication within the White House, between the Trump administration and Congress, and between White House staff and the press all seem to have broken down. To make matters even more ridiculous, the president met with a top Russian official today, as well as Henry Kissinger, former president Richard Nixon’s Secretary of State. The president of a community college in Massachusetts received a $266,060 payment for 1,250 unused sick days that he had accumulated over the course of 46 years, which has people outraged. Eight graduate teachers at Yale are currently refusing to eat because the $25 billion institution pays some of them a $16,000 salary (the equivalent of a year’s worth of 40-hour workweeks at $7.69 per hour) to teach the future leaders of tomorrow, which has generated a pittance of sympathy. Meanwhile, Harvard plans to sell off $2.3 billion of its $36 billion real estate funds and private equity funds. Researchers at Princeton invented a means of producing purified water without a filter and with less energy than traditional filtration systems. Fentanyl, an opioid that is 50 times as potent as heroin, is leading to a rapid rise in drug overdoses, particularly on Staten Island; a “catastrophic failure” at a DUMBO substation operated by Con-Ed caused thousands of gallons of dielectric fluid to spew into the East River; a “destination” park may be coming to Maspeth; and the Met is now officially requesting a mandatory admittance fee from tourists.
Southern Comfort contains no whiskey, the Satanic Temple is erecting a monument to honor veterans in Minnesota, and a reporter was arrested in West Virginia for repeatedly asking Health and Human Service Secretary Tom Price a question. A driver in Michigan crashed his car and blamed a spider. Police are looking for several people in connection to a kitten theft in the greater Rochester area, exotic pet cafes are becoming a thing in Thailand, and worms can smell cancer in a drop of urine. A Missouri woman was forced to urinate into a cup while on a United flight; a fistfight broke out on a Southwest flight that had just landed in Burbank, CA; and an Australian man is suing American Airlines because he felt cramped by obese passengers. In Florida, a liposuction machine was stolen from a spa.