The MTA is working to fill vacant retail spaces in iconic Big Apple subway stations, including filling empty storefronts with art installations.
A whopping 83% of retail space in Times Square, Columbus Circle and other transit hubs is currently vacant, as the coronavirus pandemic continues to hamper the city’s commercial real estate market. Transportation agencies are scrambling to fill that gap.According to recent information Crain’s New York report work.
“Transit retail has to be seen as the eyes of the street, as an amenity,” said Susan Fine, former MTA real estate director.
“I no longer have the urge to linger on the subway,” Fine said. “Dark spaces make a station feel unsafe. There’s nothing worse than an empty space.”
Of the 195 MTA retail spots available, only 57 have tenants, 17 are under construction and another 30 are currently in contract negotiations, according to Crain’s.
In March 2019, before the pandemic hit real estate hard in the five boroughs, the transit agency had 326 retail spaces and only 40% vacancy at the time.
Currently, many of the MTA’s retail stores are being used as storage space, Crain’s reported.
Some retail stores, such as the Record Mart at Times Square Station, are no longer open. This was announced by the city and state.
Seeking a solution, the MTA turned to what a spokesperson called “creative programs and aggressive marketing campaigns to promote retail space within the subway.”
This includes using empty space for art exhibitions.
“This is a great alternative, at least until more retailers realize the MTA is willing to enter into agreements to take back their underground operations,” the spokesperson said.
There is optimism that the plan could work, including at the once-bustling Columbus Circle station.
“While economic recovery from the pandemic will take time, we are confident that businesses will want to secure space at highly popular and busy stations like Columbus Circle,” said Tony, whose district includes the West Side hub. – State Representative Simoa (D-Manhattan) said. .
“That’s a good sign,” Simone told the Post on Monday. “This means the MTA is investing in the future.”
The move comes as New York City’s retail market continues to struggle due to the pandemic.
Vacant retail space has doubled since the coronavirus hit the city, with the store vacancy rate at 11.2% compared to just 6% in 2019, according to Treasury data released earlier this month. ing.
