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.... 

First Sign of Creeping Gentrification In Sunset Park's Center?

This new building on the corner of 52nd street and 3rd Avenue may be the first sign of the creeping wave of gentrification that has been moving south from Park Slope in the neighborhood over the last few years. The building nearing construction will either be slated as a rental or perhaps as condos. 3rd Avenue is dotted with lots which are waiting for development and are either on sale or waiting to be bought. The building will probably be high rent compared to other rents in the area or at the very least if condos will help drive market real estate prices up. Only one block from the subway station on 4th avenue it is an ideal location. It is a sign of the ever changing nature of the neighborhood. Chinese families have been buying real estate as far as the blocks between 5th Avenue and 4th Avenues as they run out of available properties closer to 8th Avenue and since they are competing with a wave of hipsters moving into the area the result is inevitably higher rents and higher real estate values...

 

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