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.”
To read the full article click here.
Casandra Properties, Inc. specializes in all facets of real estate. Please contact us at 718.816.7799 or info@CasandraProperties.com.
Leave a Comment