Our CEO of Casandra Properties recently spoke with Staten Island Advance Reporter Tracey Porpora on the state of business and service industries, largely with regard to Staten Island since the onset of the pandemic. That said, with vaccines being deployed, there finally seems to be a light at the end of the tunnel.
“This has resulted in what we call the decentralization of real estate. We are seeing this inmajor cities across the country, and this explains why there are so many emerging markets in what would have historically been called secondary locations.”
“Companies recognized several years ago the same tourists they used to reach through their flagships in Manhattan, they were now able to reach in a far more intimate, targeted, and direct way on their cell phones. A major part of what retailers rely upon is for the city to deliver masses of tourists and shoppers. Once the forced closures hit, everything changed,” said James Prendamano. “Conversely, the landlords were reliant upon the retailers to cover debt service. I believe this problem can be fixed, but it has to be done at the federal and bank level,” he added.
In spite of major changes for brick and mortar retail, Staten Island is still poised for growth and CEO James Prendamano remains hopeful about our borough that too often gets overlooked will get back on its feet. “Last month we signed four leases for new businesses. The entrepreneurial spirit and demand on Staten Island remains very strong,” said Prendamano.