What Is Happening?

What happened to the meatpacking area? 

In the day, the meatpacking area was what it was called: a meatpacking area. Just as there was a fish market on Fulton Street that now exists in the Bronx, the meatpackers ruled the streets in the enclave known as the meatpacking district.  Where did the meat packers go?

There was a cool grit years ago that could feel scary depending on the block in the meatpacking area.  Sure, people got mugged, but rarely does anyone get killed. Just give up the goods, and you will be fine.  Scared but ok. Back in the day, the stores were cool, cutting-edge, and community-oriented.

The man who owned all this real estate and had a vision was William Gottlieb. He drove around in a beat-up Woody wagon with a broken glass taped up for the side window. He bought over 150 buildings and never sold. Some would say it was his commitment to preservation, although I am not so sure. His first move to upgrade the meatpacking area was Pastis. But then he died.  

Now in the meatpacking area is a Sephora, Restoration Hardware, and mediocre restaurants, except, of course, Pastis.  It’s the only gem among the boring big-box luxury stores. All of these stores cater to whom? Certainly not the people who live in the neighborhood, but perhaps the tourists or destination visitors. Unfortunately, real estate has become too expensive, and only large global luxury stores can afford the costs. It’s depressing.

When stock declines for these global brands, they generally close underperforming stores. We have seen that countless times in NYC. How long will this last? When is this wave of indulgence over?

Here’s what I noticed the other night. Lots of empty stores. Could this be a sign? Aren’t we all on edge waiting for the shoe to drop? Will the government allow the real estate people to leave places empty (bad for neighborhoods) or force them to figure out (with their banks) how to lower the rent to market?

It is time for the city government to rein in the real estate community’s power in this town. The cost of everything is insane, from rent to restaurants. Is it just me, looking around on the edge of my seat, wondering when this Great Gatsby era is going to implode? Or is everyone else wondering the same thing?