New York City Vacancies Reach New Highs According to Elliman Reports and Manhattan Borough Gale Brewer’s Study

Manhattan Borough President Gale Brewer’s Study:

Manhattan Borough President Gale Brewer’s study of vacant storefronts reveals 78% jump in vacancies from 2017 to 2020. The results were shared by her through a press release this past week.

Conducted over the span of 244 blocks along Broadway, in Manhattan, the survey – carried out on August 28, 2020 – took into account street level vacant storefronts. On that day, Ms. Brewer and her staff counted 335 vacancies.

A similar study was carried out in 2017 during which 188 vacancies were found.

Douglas Elliman Reports:

Not long ago, news reports circulated about Manhattan’s apartment vacancy rate hitting record numbers. According to Douglas Elliman’s published reports, vacancies in the borough have been climbing since spring.

The June 2020 report shows 7,420 vacancies for May with 10,789 for June. In July’s report, that number rises to 13,117. In August, the number reaches 15,025. A chart on the reports’ findings can be found farther down on this page.

There’s no question that the COVID-19 Pandemic and the economic/health crisis, inflicted upon the city, has everything to do with what’s happened in the local real estate market.

NYC Mayor Bill de Blasio was asked about such vacancies on August 24 by a member of the press during that day’s press conference. “… the vast majority of people who were here in February are still here. Relatively few people went anywhere,” said the Mayor. “A lot of those people will be back. Some people may decide that they want to go somewhere else for a period of time, and as the situation in New York City improves, they’ll come back. Some people may not, and I guarantee you there’ll be replaced by others who bring a lot of creativity and talent. People have wanted to come to New York City for generations. That’s not changing.”