Friday, June 6, 2014

Closings: Closeout Heaven on 5th

Another store falls victim to the high rents on 5th avenue as their leases run out. As rents shoot up many old established retailers can no longer stay in business. Closeout Heaven on 49th and 5th has closed it's doors. I remains to be seen how quickly the store will be rented due to the high rents. It is becoming increasingly difficult to start a business on 5th Avenue these days. The high rents are ever changing the landscape of 5th Avenue with a high turnover of stores occurring along the Avenue. Add to that a wave of gentrification that is slowly creeping Southward into Sunset Park which is making residential rents go up as well and you have a recipe for changing the neighborhoods ethnic makeup.... 

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