Along with professors and other industry experts, our Casandra Properties CEO and podcast host James Prendamano shared his views on the ‘new normal,’ as it were, since the onset of the Coronavirus pandemic. “Technology has disrupted every market,” asserted James Prendamano.
“This has resulted in what we call the decentralization of real estate. We are seeing this inmajor cities across the country, and this explains why there are so many emerging markets in what would have historically been called secondary locations.”
Experts agree that, in part, some of the vacancies are correlated with high rents and the decrease in walk-in traffic during the pandemic. Alas, this is not a problem solely on Staten Island. James Prendamano further added, “There is a decentralization of real estate across all major cities.”
“Companies recognized several years ago the same tourists they used to reach through their flagships in Manhattan, they were now able to reach in a far more intimate, targeted, and direct way on their cell phones. A major part of what retailers rely upon is for the city to deliver masses of tourists and shoppers. Once the forced closures hit, everything changed,” said James Prendamano. “Conversely, the landlords were reliant upon the retailers to cover debt service. I believe this problem can be fixed, but it has to be done at the federal and bank level,” he added.
In spite of major changes for brick and mortar retail, Staten Island is still poised for growth and CEO James Prendamano remains hopeful about our borough that too often gets overlooked will get back on its feet. “Last month we signed four leases for new businesses. The entrepreneurial spirit and demand on Staten Island remains very strong,” said Prendamano.
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