Uncontrolled development in New York City is eroding the charm of Second Avenue.
In the realm of commercial real estate journalism, here is a proposal that may seem unconventional:
If the construction of a new luxury apartment building displaces small restaurants at street level, as seen on Second Avenue in the Upper East Side, a requirement should be put in place for the new tower to include similar small restaurants upon completion. This may involve providing rent breaks to cafe owners who may not be able to afford the new space otherwise.
Failure to comply with this condition should result in the developer being denied zoning variances and certificates of occupancy from the Buildings Department.
One might wonder, shouldn’t landlords have the freedom to rent out their spaces as they see fit? Am I, a proponent of the free market, advocating for rent control or government interference in property rights?
Not at all. The zoning code is already intricate enough to accommodate a few regulations without transforming New York City into a Marxist-like environment.
Current zoning regulations extend beyond preventatives like Ferris wheels on Madison Avenue. They serve as tools for political and social engineering, with mixed outcomes.
For instance, the Upper West Side has restrictions on the amount of street frontage stores can have to deter large chain stores and bank branches.
Developments in the Theater District must allocate a percentage of space for entertainment-related uses and bright lights, and apartment buildings are required to provide parking spaces despite the city’s encouragement of using public transportation.
There is a high demand for small eateries in neighborhoods undergoing redevelopment like Second Avenue on the Upper East Side.
Despite the diverse cuisine offerings in the area, many independent restaurants have had to relocate due to rising rents.
The eateries contribute significantly to the neighborhood’s character and attract residents to new luxury buildings in the area. However, ongoing development projects are displacing these establishments.
With an increasing number of luxury towers being constructed, there is a risk that Second Avenue might lose its unique charm and become similar to Third Avenue, dominated by beauty salons and medical offices.
Several popular eateries have already been demolished to make room for new developments, leaving a void that has yet to be filled.
The city should take action before Second Avenue loses its vibrancy and becomes devoid of dining options.