When I walk around NYC now, about 20% of restaurants have "for rent" signs. Sadly...CLOSED FOREVER. Competition is GONE. This could actually be the BEST time to open a restaurant in NYC. What other types of industries will mostly fail, leaving possible opportunity?
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Rent is a big one but still only one expense. The economy is going to be rough going for a year or two
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Yes, as the old saying goes, something better than nothing. Even in NJ some landlords have gotten this concept and have gone to great links to keep their tenants.
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This is likely to be the best option from the perspective of self-interest as well. Finding a new tenant in the post-virus economy is going to be a challenge, and is likely to result in more direct expense and lost revenue than working with a struggling tenant.
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I agree. I own part of a bar/comedy club in NYC. Our landlord was very understanding. But a lot of landlords aren't. It's sad all the places I'm seeing closed for good despite being staples in the neighborhood for decades. Won't be easy for landlords to fill those spots either
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Depends on the area. In many areas, good commercial locations are tough to come by. Landlords have many options. They will always get their money. The landlords that are not leveraged can be creative but the ones that are may not be as creative
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Some landlords can easily make that offer. But some landlords are tenants of the bank and have their own issues. This is more a financial issue than an issue of compassion in most cases.
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Or... and hear me out. Let the tenants go and wait for someone who wants to take advantage of the opportunity and has the ability to pay rent...
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Don’t break your back helping a tenant that’s likely going to close anyway
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Or try to be forceful with no leverage at all.
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