MTA Proposes New Percentage-Based Rent Agreement for Grand Central Restaurants

With subway and train ridership still seeing major declines from the same time last year, transportation hubs like Grand Central Terminal remain virtually empty, significantly impacting the businesses within them. More than six months into the pandemic, the Metropolitan Transportation Authority is now proposing a new rent agreement for its Grand Central tenants, in the hopes that businesses will be able to stay afloat.

a group of people standing in front of Grand Central Terminal: The MTA has proposed a new rent agreement for its tenants at Grand Central

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The MTA has proposed a new rent agreement for its tenants at Grand Central

Under this new proposal, the agency will take a percentage of rent from the restaurants and other small businesses in GCT that will be based on gross revenue, according to Janno Lieber, the MTA’s chief development officer and the man overseeing the plan. Lieber declined to say what that percentage will be, but said the agency is in talks with the businesses to settle on a figure.

The new rent

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Need to rent a big electric truck for moving or business? More options are coming soon

If you’ve got a big move coming up, you may soon able to do it with minimal carbon emissions.

Truck-rental service Fluid Truck is adding 600 electric cargo vans and trucks to its sharing platform, with availability starting in the fourth quarter of this year, the company announced in a press release Thursday.

The vehicles will be electric conversions from Lightning Systems. The roster includes electric versions of the Ford Transit 350HD delivery van, Ford E-450 Class 4 truck, and Hino 268 Class 6 truck. They will be deployed in “major urban areas” across the United States, said Fluid Truck, which rents vehicles through a mobile app and website.

The rentals should make electric vans more widely available for occasional use by small business owners, or perhaps those who just need a mammoth van for one urban task.

Considering that much of their duty cycle involves stop-and-go urban traffic, delivery

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Manhattan rent at a seven-year low, listings at all-time high

  • The median rent in Manhattan plummeted 11% to $3,036 last month — the lowest its been since 2013.
  • The lower rents, accompanied by a number of concessions, are a result of record-high apartment vacancies, according to a report from Miller Samuel and Douglas Elliman.
  • Almost 16,000 apartments sat empty in September, as the New York City exodus seemingly carries on amid the coronavirus pandemic.
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Thousands upon thousands of Manhattan apartments are just sitting empty right now.

And the mounting number of vacancies are forcing landlords to bring rents down to the lowest they’ve been since 2013.

A new analysis by Miller Samuel and Douglas Elliman found that the number of Manhattan apartment listings skyrocketed last month, Bloomberg reported. Almost 16,000 apartments sat vacant — the most since 2006, when these records started being kept. 

This time last year, roughly 5,300 apartments were vacant.

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