Study: Coney Island has business vacancy rate of nearly 15%

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A study done by the city shows that several neighborhoods in the borough, such as Coney Island, have a larger than average amount of business vacancies.

Mermaid Avenue was one of several areas in the survey that looked into the issue of storefront vacancies in the city.

According to the study, the area is considered underperforming.
 
City officials define underperforming as being an area that has significant disinvestment and difficulty attracting spending.

It said that Coney Island has a vacancy rate of nearly 15%.

Some business owners blame a number of reasons, including high rent, construction, the seasonal economy and the impact of Superstorm Sandy.

City data shows that some factors include trouble drawing in shoppers, as well as some business owners not wanting to move into the neighborhood because of negative perceptions.

Councilman Mark Treyger says that several organizations in Coney Island are in talks to create a merchant structure, such as a business improvement district, to oversee the business in the neighborhood.

 

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