Il Forno on Second Avenue is one of the many small businesses in the neighborhood that has closed in recent months. (Photo by Sabina Mollot)
By Sabina Mollot
Last Tuesday, the City Council passed five bills aimed at helping mom-and-pops, including one that would track retail vacancies and information about those spaces’ leasing history.
Each of the bills passed unanimously, with the exception of the vacancy tracking one, which still easily got through with just two objections.
If signed by the mayor, building owners would be required to submit information to the city regarding ground and second floor commercial spaces. The city’s Department of Finance would then establish publicly available data on those commercial properties, disaggregated by council district. Information would include median average duration of leases, the median and average remaining term to lease expiration, the median and average size of rentable floor area, the number of such premises reported as being leased and vacant, the median and average rent, the length of time a property has not been leased as well as construction information, and the number of such premises where the lease is due to expire within two years of the current calendar year. The bill would also require the release of a list of addresses of commercial properties and an indicator of whether or not such properties are vacant.
The legislation’s sponsor, Council Member Helen Rosenthal, said she thought it would go a long way to fighting retail blight.
Council Member Dan Garodnick, pictured with Borough President Gale Brewer and local business owners outside Whisk in Flatiron (Photos by Sabina Mollot)
By Sabina Mollot
A day after Mayor de Blasio released his executive budget, a handful of local elected officials took the opportunity to push for legislation that would eliminate the Commercial Rent Tax for about 3,400 small business owners in Manhattan.
The bill, which is sponsored by Council Members Dan Garodnick and Helen Rosenthal, was first announced in 2015, and at this point has 35 co-sponsors in the Council.
If passed it would raise the threshold of rent retailers who must pay the tax from those paying $250,000 a year to $500,000 year. The tax, which was first implemented in 1963, only applies to Manhattan businesses between Chambers Street and 96th Street. Garodnick has said raising the rent threshold would help 40 percent of the businesses owners now paying the tax while only costing the city six percent of the revenue the tax brings in, about $4.5 million.
Natasha Amott, the owner of Whisk, a kitchen related goods shop in Flatiron, where the announcement on the bill was made last Thursday, said her CRT costs her $15,000 a year. This is on top of the $315,000 she pays in rent each year and another standard corporate tax.