Retail management company Westfield is seeking to terminate its lease with the Metropolitan Transit Authority (MTA) for the retail space it oversees at Manhattan’s Fulton Transit Center, citing unchecked rampant crime and safety concerns as the primary reasons. The company claims that the MTA has failed to maintain public safety and security at the station, leading to multiple tenants leaving due to safety and security concerns. Westfield's decision, announced on Friday, is part of a broader issue affecting commercial properties in downtown areas, with concerns over crime deterring office rentals and building purchases. Westfield's legal filings highlight issues such as homeless encampments, unauthorized vendors, assaults, vandalism, employee intimidation, and harassment. Some critics, however, argue that the issue is not solely about public order but also involves the design of the space and economic forces affecting the retail sector.
Retail giant wants out of MTA transit center lease, blames NYC crime for scaring away tenants https://t.co/R9DlVHGsk6 via @nypmetro
Retail giant wants out of MTA transit center lease, blames crime for scaring away tenants @nypost #CMBS https://t.co/j8JyeCSqHW
The market's shift has left smaller businesses in a bind, with a noticeable lack of new construction suited to their needs. This scarcity is most acute for blue-collar industries, leading to a rapid lease-up of available small-bay spaces. https://t.co/TIIApjRI2w
Retailers are "voting with their feet". Issues described here aren't "serious", by our new, enlightened standards - it's just that the property managers want to break the lease. We're driving away retailers, but think of the poor little vagrants, the petty thieves, the street… https://t.co/hLaneTgukr
Retailers are "voting with their feet". Issues described here aren't "serious", by our new, enlightened standards - it's just that the owners want to break the lease. We're driving away retailers, but think of the poor little vagrants, the petty thieves, the street hustlers -… https://t.co/wT72ZjsXSi
Retail giant wants out of MTA transit center lease, blames crime for scaring away tenants https://t.co/P8vw14sokL https://t.co/8VMZNhSJhy
Demand from these companies had previously surged during the early pandemic era due to a spike in e-commerce and the need for additional inventory storage. As the global supply chain stabilizes, these companies are scaling back, leading to an increase in sublease offerings. https://t.co/74CyRTCMyt
Retail management company Westfield, which oversees large shopping centers around the world, is breaking its lease with the Metropolitan Transit Authority due to rampant crime. https://t.co/35vablgxdZ
What happened in malls is happening in office - too many sf - a lot of it in the wrong location - some in the right location with wrong offering @innoc_bystander
"Westfield’s legal filings do not dwell on the larger economic forces fueling malls’ decline. Instead, company attorneys said "homeless encampments, unauthorized vendors, assaults, vandalism, employee intimidation and harassment" had driven out tenants." https://t.co/2pHQzOerAO
Westfield responded on Friday by saying that the transit agency “has not properly maintained public safety and security” at the station, giving it a basis to terminate the lease. “Multiple tenants have left, citing concerns about safety and security, and additional tenants have… https://t.co/phnpYGPLXE
I really doubt this has to do with public order. The design of the space is awful, and the Oculus is impossible competition. This is really on the MTA for insisting on building a mall here (and Westfield for leasing two competing spaces so close together) https://t.co/9dRG5dqaEU
Westfield, the real estate company managing retail at Manhattan’s busy Fulton Transit Center says rampant crime and mayhem has gone unchecked for years, forcing it to break its lease with the MTA. Read more: https://t.co/b2t4r3okJu https://t.co/hJoXLn2blx
Retail giant Westfield says crime at MTA's Fulton Transit Center is forcing it out https://t.co/2Wxa4gKEOM
Commercial property owners say crime concerns are deterring downtown DC office rentals and building purchases: https://t.co/zBBGwZ8hFu https://t.co/5ubkYEqzQ0