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Back in NYC for the first time in 6 months. Here are some notable changes:
1) City: Midtown is dead. Financial is empty. Hudson Yards will go down as the worst timed real estate dev in NYC ever. Some blocks are dead- some blocks are thriving. There is no in between. The city is shifting extremely fast.
2) Fitness: Boutiques are crushed. Equinox is empty, with too many locations. A lot of people run and workout outside. That's cool, let me know how that is in January. Trainers went from top of the social food chain to collecting unemployment in 60 days.
3) Restaurants: Outside outside outside. In short: it works. It's a great scene. Although, NYC is 100% weather dependent now- if it rains, the nightly revenue is ~0. You have to order food with drinks- whatever, two martini's with a side of hummus pls.
4) Apartments: The premium that apartments charged to live in NYC is no longer feasible. It doesn't warrant these prices anymore. City will get younger and probably less good looking. Sucks to be 130 William right now.
5) Homeless: Out of control. Cops don't do anything because BDB doesn't support them. Constant protestors. Rioters in the spring. Not a good scene or vibe. Almost got spit on last week running but I was too fast.
6) WeWork: 20% occupied. 'Community' was their value add- well, there is none. Similar to Equinox, they have too many locations and had too many people working there. Kept our office because rent was 60% off this year- woot woot.
7) WholeFoods: This is now a distribution center, not a grocery store. Ppl do not shop inside- they treat it like a Duane Read. Would venture to guess >50% of their business is now done through delivery. Would also guess 50% of people in there are shopping for other people.
8) Some stocks I like re: the above---- $PTON (gyms) $SPH (outdoor dining needs propane) $AMZN (why not) $CMG (everyone eats here, digital) $SQ (every food place uses it) $PENN $DKNG (NYC will need to raise $, legalize sports gambling) $CVNA (exodus, pppl want a car)
