Friday, February 20, 2009

New Study Shows Many Vacant Stores in Queens - 211 Queens Storefronts Shuttered on 10 Strips

Here's a prime example of what Congressman Weiner is talking about...After being in business on Jamaica Avenue for the last 70 years, Jason's of Woodhaven is closing...check out the pics and video by Ed on Project Woodhaven Bids Farewell to Jasons...
Stimulus Money Will Jump Start Queens Businesses,” Weiner Says

The knee-deep recession is forcing small businesses throughout Queens to close shop at an alarming rate, according to a new study released today by Representative Anthony Weiner (D-Brooklyn and Queens), a member of the House Commerce Committee.

Highlights from the Weiner Study

§ Out of a total 1,730 stores surveyed, 211 are closed or in the process of closing.

§ 12% of community stores in Queens are vacant.

§ Vacancy rates have doubled from the past year.

§ 21 is the average number of closed stores per neighborhood.

§ Most Vacant Stores: Jamaica Avenue strip with 80 closed stores out of 335.

§ Highest Percentage of Vacancy: Rockaway, with 17 out of 40 stores, or 42.5% closed.

Click on image to enlarge...

This week, President Obama and Congress gave a major economic boost to small businesses in New York City. The final economic stimulus package that was signed by the president will create or save approximately 30,000 jobs in Queens – more than 90,000 jobs overall in New York City.

New York City has more than 200,000 small businesses, accounting for two-thirds of the city’s private sector jobs. Of these, 96% have fewer than 50 employees. The recently signed stimulus economic stimulus package will help ease the burden on small businesses.

New Relief for Small Businesses

§ Provides $750 million to improve existing SBA loan programs and to create new ones

§ Offers relief for small businesses by boosting the write-off for equipment and property expenses to $250,000 – up from $125,000.

§ Allocates $375 million to eliminate and reduce government fines and fees to borrowers and lenders who are part of existing loan programs.

§ Makes it easier for small businesses to free up their funds for investment and job creation. The stimulus bill increases the carryback of net operating losses from 2 years to 5 years.

Rep. Weiner said, “When the economy catches a cold, small businesses catch pneumonia. Too many community shops – the backbone of the City’s economy, are hit hard by this downturn. The stimulus package will help jump start Queens businesses.”

Weiner’s office surveyed 10 neighborhood shopping strips in Queens and collected data from the Queens Chamber of Commerce and Queens BIDS. Neighborhoods surveyed include Myrtle Avenue, Kissena Boulevard, Bay Terrace Shopping Center, Sutphin Boulevard, Sunnyside, Austin Street, Woodhaven Boulevard, Jamaica Avenue, and Beach 116th Street.