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Madison Ave is 39% empty; Manhattan landlords, can you lower the prices now?

🔵 https://www.bloomberg.com/news/articles/2021-08-20/nyc-shoppers-shunning-madison-avenue-as-swanky-boutiques-depart
🔵 https://www.reddit.com/r/nyc/comments/innhah/nearly_twothirds_of_new_york_restaurants_may_have/g4ai27m/?context=3
🔵 https://www.youtube.com/watch?v=kuALRyGI3Ho&list=PLkVbIsAWN2lt_n88l7WC2u22TRHKmw8ya&index=4
🔵 https://www.youtube.com/watch?v=suQx7lachDE
🔵 https://www.youtube.com/watch?v=MpPvy4qyHg4

00:00 Intro
00:07 Apology
01:17 Real estate
01:20 Why I cover this
03:12 Building for lease
03:35 39% retail availability on Madison
05:22 Madison ave prices
07:12 Excuses, excuses
09:40 The problem – commercial mortgage backed securities
10:50 This needs to crash

👉 This video was recorded with the following:
🔵 Camera: https://amzn.to/3eO58my
🔵 Microphone: https://amzn.to/2GoiSb0 OR https://amzn.to/2W1etTj
🔵 HDMI capture: https://amzn.to/3cMzhRq
🔵 Audio interface: https://amzn.to/2SiCG1W

Written by Louis Rossmann

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  1. Its the same in the uk even with residential properties. If you look to rent a studio flat at say 500 (genuinely seen this) they expect you to be earning double that a month to ensure you can afford the bills reasonable requirement yes however the average person is paid around 9 an hour. Equalling around 111 hours of work per month or 28 hrs (rounded up) per week most companies wont allow contracts much higher than 16 to 24 hours a week essentially making a studio flat impossible to rent let alone purchase without financial support

  2. You know, they usually measure the good and bad times of Ancient and Medieval civilizations by urban population trends. For example, in the golden ages of the Western and Eastern Roman empire, people would be flooding into the cities, but in the hard times or dark ages there would be a huge exodus of people from the cities into the outer provinces because living in the city was no longer sustainable. Just food for thought to the people who tell young people complaining about city real estate pricing to just not live in the city, you are admitting that the economy is failing, which means the young person is right that something is very wrong.

  3. NYC must put a heavy monthly tax on empty stores that are not rented within a few months of being closed. same as they should on empty super expensive apartments. want to keep your store closed? fine, pay $400 per sq/ft tax each and every month until you rent it out!

  4. I had a thought.
    What if there was a tax on vacant property as a disincentive to just sit on it?
    It would need a bit more work than just my afternoon tea musings to be functional, but I feel like it would be good for the city's health.

  5. NYC needs to buy the buildings (retail and apartments) then lease them out at a much lower rate. It will get rid of the millionaires sitting on it for investment, and NYC can get some revenue back. It might take several years to bounce back. Seems like a good move, but they may not have the money to do it now.

  6. A lot of people live on the streets off Madison Avenue. Madison Avenue itself is commercial. But it's sad that the small shops that made it unique are gone. There's nothing but vacant store-fronts on either side of the street.

  7. Shhhit … when a guy can be CREATIVE (writer, radio host, knitter, Movie Director, MacPro DiY Repair Teck., etc.) 'in his Lazy-Boy chair' sitting at home (in a 4 ft x 8 ft space) and reach 1.69 million subscribers eye balls, g2gONEx , x = (you) don't have to be a 'IDIOT Savant/Genius' to see ALL of society 'beating a path to your (better) mouse trap' or 'Lazy-Boy chair' Globally. Maybe ALL commercial real estate will fill up with 'RENT a Lazy-Boy spaces' for the hour/day/week/month, etc. … add a Enterprise (level) Virtual Machine login and a Global Fortune 10 company workforce will self-assemble before your very eyes.

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