Supermarkets snub developers
Neighborhood supermarkets are a vanishing breed in New York City, and developers are having a tough time wooing them back.
Several real estate professionals said operators of chain grocers are turning down offers for ground-floor retail space, particularly in new luxury high-rises and emerging neighborhoods.
John Catsimatidis, the billionaire developer who owns the Gristedes supermarket chain, said developers are asking for too much rent, leaving grocers with only two choices: raise prices or turn down spaces.
“You have no choice, it’s a matter of existence,” Catsimatidis said. “Supermarkets are a business like anything else.”
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