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West Village Has Double the Retail Vacancies of Hell’s Kitchen
Two happening neighborhoods, two very different retail vacancy stories. The Real Estate Board of New York found that West Village vacancies are more than double those of the comparably-sized Hell’s Kitchen corridor: 11.3%, compared to 5% for the neighborhood on Midtown’s West Side.
Factors weighed by REBNY included population—9% growth for Hell’s Kitchen between 2000 and 2016, compared to the Village’s 9.7% decline—landmarking and liquor licenses. More than 88% of West Village properties are landmarked, compared to less than 1% for Hell’s Kitchen. REBNY research has linked landmark districts to declines in local housing production.
Community Board 2, covering the West Village, denies 25% of liquor license applications, while the rejection rate for CB 4 in Hell’s Kitchen is just 4%. REBNY noted that CB 2 is seeking a special permit for all restaurants, bars and clubs, entailing an additional seven to nine months of public review.
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- ◦Economy
- ◦Lease
