Casandra Properties CEO, James Prendamano, recently had the opportunity to speak with Tracey Porpora of the Staten Island Advance about a recent report conducted by the City Planning Department entitled “Assessing Storefront Vacancy in NYC.” The report highlighted 2 areas on Staten Island; New Dorp Lane and Port Richmond that have experienced storefront vacancies.
James was quoted saying, “Both of these corridors (New Dorp Lane & Port Richmond Avenue) were once walkable and on-site parking was not a requirement. One of the unintended consequences of downzoning and zone changes in the surrounding neighborhoods have in essence frozen these buildings in time. They don’t have adequate on-site parking that meets the retailer’s requirements. When you couple that with sky rocketing real estate taxes, the result is retailers seeking a newer product with tax abatements, thereby significantly reducing the cost of entry into the market.”