(11/10/17) ─ The Upper West Side, with many new apartment buildings being constructed, famous landmarks, and rents soaring, you would think the neighborhood is booming. You would think it couldn’t get better for many lucky residents that live there. But there is a downside to all of this golden age of development.
The forever-climbing rents for the average apartment are killing retail shops around the area and preventing many from even moving in. Hundreds of stores have opened and closed in the past few years, and many apartments are unsold and unrented.
“The only reason why people live here is because of the parks, museums, and other landmarks the Upper West Side has to offer,” says local teacher, Jackie Ament. “No one lives or works in the neighborhood anymore. Rents are insane, stores are moving out. No one can afford it! Only big chain companies can survive the prices.”
Many big-box stores are renting in the area. They include Trader Joe’s Bloomingdale’s, Lowe’s, Party City, Duane Reade, Starbucks, Sephora, and more.
It’s not all Corporate America, though.
There are many mainstays of the neighborhood that are still thriving.
If rent gets too high and stores start to close, the value of the neighborhood goes down with it. Rents must go down, in residential, and in retail. You must remember, though, the old Upper West Side is still around. You just might need to look a little harder.