You would have to have been in Brooklyn Heights for over five years to remember when the last tenant, Starbucks, moved out of 112 Montague Street (photo) to a smaller space a block away. Since then, apart from being used as storage space for Lassen & Hennigs next door, the space has lain fallow. While there are no similar long-term vacancies on Montague (well; there’s the Bossert, which is not quite vacant because of a few holdover tenants, but that’s another story), there are others not far away.
Why? Greedy landlords? Bricks-and-mortar retail is dying because of the internet? Daniel Roberts in The Bridge has examined the reasons, and finds many in addtion to those just mentioned. A tight market for financing, both for real estate and for start-up businesses is one. Complexities of property ownership–I once read of a building in, as I recall, DUMBO, that was inherited jointly by, I think, five siblings, who could never agree on what to do with it–is another. As for solutions to the problem, many have been proposed, but nothing seems to be a priority for the present city administration.
SOURCE: Brooklyn Heights Blog » Real Estate – Read entire story here.