New Businesses on Flatbush? Don't Get Your Hopes Up Yet

You may have noticed that the vacant storefront on Flatbush at Midwood has shown signs of life for the first time in over two years. Alas, the general maxim holds: keep expectations low. Workers in the space told us it hasn't in fact been rented; they are merely "cleaning up."

That space ineeds a lot more than a cleaning. When we were thinking of opening our consignment shop on Flatbush, my business partner at the time looked at the space. It's about 750 square feet, included a 750 sf unfinished basement, and was renting for $2,500. Not a bad price square-footage-wise, but the space needs a complete gut job. The floors, walls, even the heating and electricity were unsound and sorely in need of upgrading. A contractor estimated the work at a minimum of $50,000. With these kinds of upfront costs, it's a small wonder we see few viable businesses appearing on the strip, which should make us all appreciate outliers like Blue Roost, Trixie's, and Tafari Tribe all the more.

Farther south, the vacant storefront at 653 Flatbush (between Hawthorne and Fenimore) has been rented -- to what appears to be one of those seasonal accounting firms. Sigh. (We looked at that space as well, btw, and it was in much better condition.)

Comments

[babs]

Most professional commercial landlords will participate in renovation costs, either through direct monetary contributions, or free rent for a few months, or both. A $50K build-out estimate does seem high, and a lot of it (the wiring, heating, etc.) sounds like something that the owner should definitely be taking care of 100%, and should be done regardless, just to maintain the value of his property. Unfortunately, as you've discovered, most landlords around here have a strictly short-term view, investing the minimum in their property and preferring someone with no business plan or background who's willing to move right in with ready cash for a few months - before they go out of business and the whole cycle starts again.