Thursday, December 08, 2016

The Rent's Too Damn High! Prada Power Yoga To Close Smith Street Location At The End Of The Year



Despite some recent openings on Smith Street, there are still far too many vacant storefronts on this once vibrant commercial strip.  Soon there will be one more.
Prana Power Yoga has just sent out an email to its clients informing them that it will be closing two of of its locations, including the one at 229 Smith Street.
The popular studio opened at this location in 2011.
The reason, like most other closings around here?  The inability of a well established business to negotiate a fair rent increase with the landlord once the first rent contract runs out.
How can anyone grow a business other than a bank or a major change under these circumstances, one wonders?

Blow is the email sent out by Prana owners Taylor and Philippe.

Dear Yogis,
We are sad to announce that our Union Square and Brooklyn locations will be closing as of December 31, 2016.
Our leases on these two wonderful spaces have run out, and we are unable to renew them at levels that make sense for a yoga studio.
We have been blessed to have been able to serve you all these years. We thank you for your commitment, passion, and inspiration.
While it is not easy to let go of these spaces, we take comfort in the knowledge that our practice of yoga transcends the purely physical aspects of asana. Our goal with Prana was always to create something more than just a physical space.
With many thanks for all the sweat, strength, and soul you've put into your practice, we wish you joy, courage and inspiration for the years ahead.
Thank you all, and may peace be with you.

Reader Maisy, who forwarded us the email, commented:
"This news bums me out! Prana Power Yoga promotes a healthy lifestyle in the neighborhood + is a small business (even w/ multiple locations). Rents must be out of control on Smith Street yet there are so many vacancies.
I guess landlords would rather rent to community dividing massage parlors instead of community building business that promote a healthy lifestyle."

Local resident Kimberly wrote:
Incredibly sad to hear of another closure on Smith street of a wonderful yoga studio. Hoping this smith street trend turns around soon...

We can only hope.  This is a sad state of affairs. Some storefronts on Smith Street have been empty for months, even years.  That includes the former St. Clair diner at the corner of Atlantic Avenue , which closed in 2013 and the storefront at 209 Smith Street that once housed FAN and the Burger On Smith, which has been empty since 2014.


Anonymous said...

"How can anyone grow a business other than a bank or a major change under these circumstances, one wonders?"

Somehow, everyone, for the entire history of human civilization, has figured it out.

Anonymous said...

Supply and Demand will always create the balance. It just sucks while its happening.

Smith Street was super cheap and all the great restaurants came in... ahhh the Renaissance of Smith Street. Then everyone is clamoring to be on Smith Street...rents rise.

Then big chains come in to have presence in the hot neighb...hello Starbucks, Mac, LuLu Lemon. These tenants are not price sensitive because they care more about overall profits...maybe not store-by-store profits.

Landlords hear that Starbucks is paying $5000 per month...Lulu Lemon is paying $10k. Now every landlord wants "Lulu Lemon" Rents.

Shops start closing, and vacancies rise...more rents need to come down...That's where we are now.

Hopefully Smith Street does not turn into the waste land that 7th Ave in Park Slope has become---cell phone, nail salons, realtors.

Anonymous said...

Has anyone counted the number of empty store fronts, abandoned lots and/or the numbers of businesses closed during the day? Smith Street has become almost useless to the neighborhood's residents.

Anonymous said...

Hey folks, don't worry, President Trump is going to Make American Great Again and jobs back to America. I can see Smith Street now in 2 years! Its going to be GREAT!

Angelo said...

I despise the man but how can Trump be worse for Smith St than Bloomberg and DiBlasio have been?

Also, any women care to sugest how those nail salons can afford to open up in such abudance?

Do people pay THAT much and are their costs THAT low?