My NYC Black Folk......Gentrification

[ogc163]

 

[capblk]

As gentrification tightens its grip on the South Bronx, long-time businesses are closing their doors as landlords either are not renewing leases or simply the new rents are too high to keep up.

A whopping 25 storefronts are now vacant with only a couple actually having tenants moving in. Welcome to The “New Bronx” that our borough president Ruben Diaz Jr touts, where gentrification is driving long time businesses away.

The foot traffic in The Hub is the highest outside of Times Square with over 200,000 pedestrians walking by 3rd Avenue and 149th Street on a daily basis.

The carnage of vacant stores isn’t confined within The Hub “proper” but has spilled over to Melrose Avenue as well as 149th Street.

Landlords are no longer negotiating the typical 10-year leases that were customary and are now offering leases as short as 2 years—a tactic used by landlords to squeeze as much money out of properties as possible.

Orva Shoes, a boutique store from the Upper East Side opened its first store outside of Manhattan on Third Avenue in 2014 and now they are shutting down as the new lease was much higher than they can handle.

On Melrose Avenue, two stores at 617 Melrose Avenue closed after their short-term 3-year lease was up and the landlord raised the rent far beyond their reach.

650 Melrose, a mixed residential and commercial building, was sold last year in December for $3,050,000 and within a month, a bodega and a 99 cent store that rented space in the building were evicted as the businesses were struggling to pay their rent. The previous owner worked with the two businesses to keep their doors open but the new owner simply shut them down.

In The Bronx’s Oldest Shopping District, Dozens of Vacant Store Fronts Dominate The Area as Gentrification Tightens Its Grip

 

[88m3]

Hudson Companies, Gilbane to convert Bronx jail into $300M affordable housing complex

@ogc163

 

[ogc163]

Hudson Companies, Gilbane to convert Bronx jail into $300M affordable housing complex

@ogc163

lol so when you moving to the BX?

 

[88m3]

lol so when you moving to the BX?

They probably want the price of a 1 bedroom that I pay for my 3.

 

[capblk]

Saks Off 5th inked a 10-year lease for its first-ever Bronx location, documents filed with the city on Tuesday show.

The luxury fashion retailer plans to open a new department store at Prestige Properties & Development Company’s Bay Plaza Shopping Center on Baychester Avenue in the Bronx. The store — which is the outlet brand spun off from Saks Fifth Avenue — will span 25,000 square feet and is expected to open in the summer of 2017, a company spokesperson told The Real Deal.

Saks Off 5th inks 10-year lease for new Bronx store

 

[ogc163]

Saks Off 5th inks 10-year lease for new Bronx store

If this was in the South BX or a regular Saks it would be a big deal, but Saks Off 5th is typical mall staple at this point and in Bay Plaza it fits.

 

[Apollo Creed]

If this was in the South BX or a regular Saks it would be a big deal, but Saks Off 5th is typical mall staple at this point and in Bay Plaza it fits.

Yeah i was gonna say aint nothing special about saks off 5th

 

[ogc163]

They probably want the price of a 1 bedroom that I pay for my 3.

lol, NY is pretty much going to be like D.C./DMV. I don't understand people making less than 80k staying there and paying rent. My family in the BX don't have access to good schools, rent is high unless you have a section 8/affordable housing connect. Folks are pretty much staying out of convenience, and because NYC has so much to do you become comfortable in the state of poverty.

Being broke in other places is depressing as fucc because on top of being broke you are usually bored as hell and physically limited as to what you can do. My folks are out vacationing in D.R.,Bahamas, Puerto Rico, sipping Henny every weekend because they got that section 8 connect. Know folks voluntarily doing time in shelters just to secure an apartment. Know one chick that declined a promotion because the salary would have elevated her outside the affordable housing max salary.

 

[ogc163]

South Bronx Residents Fear Displacement As Real Estate Booms

 

[Carolina Slim]

Man... I lived right up the street from where that dude's pops got shanked and murdered....

 

[Rekkapryde]

How can they get forced out if they own?

Property taxes get too high.

Even then, I sometimes just don't understand how you can't afford it even if the property taxes go up 10/20/30 percent and you outright own the property. shyt don't add up

 

[Rekkapryde]

lol, NY is pretty much going to be like D.C./DMV. I don't understand people making less than 80k staying there and paying rent. My family in the BX don't have access to good schools, rent is high unless you have a section 8/affordable housing connect. Folks are pretty much staying out of convenience, and because NYC has so much to do you become comfortable in the state of poverty.

Being broke in other places is depressing as fucc because on top of being broke you are usually bored as hell and physically limited as to what you can do. My folks are out vacationing in D.R.,Bahamas, Puerto Rico, sipping Henny every weekend because they got that section 8 connect. Know folks voluntarily doing time in shelters just to secure an apartment. Know one chick that declined a promotion because the salary would have elevated her outside the affordable housing max salary.

Capitalism is the biggest pimp out there breh.

And to keep it funky, if we were the owners of these areas being gentrified and had the chance to stack more paper by raising rents, most would do the same damn thing these jews and cacs are doing.

 

[ogc163]

Capitalism is the biggest pimp out there breh.

And to keep it funky, if we were the owners of these areas being gentrified and had the chance to stack more paper by raising rents, most would do the same damn thing these jews and cacs are doing.

Yeah and there would be nothing wrong with it. I don't see the gentrifiers or the real estate companies as doing anything wrong.

 

[BigMan]

Property taxes get too high.

Even then, I sometimes just don't understand how you can't afford it even if the property taxes go up 10/20/30 percent and you outright own the property. shyt don't add up

Stagnant incomes, retired owners maybe?