No Responses to “Newbury Street -The death of the small merchant” »»

1. Newbury
   Comment by Newbury | 01/31/09 at 6:49 pm

   The Anglo-Irish Bank, in association with Taurus Investments, went on a massively expensive buying spree on Newbury Street in 2006-2007 when the credit bubble was in high gear, paying huge prices for retail properties along the street. Google “Anglo-Irish Bank Newbury Street Boston” for the low down.

   They’ve jacked up the rents 2x in many cases, which is what is forcing out these tenants. In the meantime, the global credit market has been decimated, Anglo-Irish went bust and was nationalized by the UK goverment last year.

   The owners of the John Hancock Bldg have defaulted after also paying credit-backed bubble era prices for Boston real estate.

   Things are looking decidedly grim for the downtown retail/commercial scene in Boston.

2. John Keith
   Comment by John Keith | 01/31/09 at 7:37 pm

   Newbury, I don’t agree with your “grim times are ahead” rant, but what you say about the purchases on Newbury may be right on.

   The Globe reporter should have done more research on who owns the buildings in question. Perhaps s/he did and found nothing. My guess is, however, that s/he didn’t.

   A good reporter needs to ask “why” not just “what”.

3. Mary
   Comment by Mary | 01/31/09 at 8:05 pm

   John,

   You seem like a smart guy, how can you possibly view the current and future condition of the economy as anything but grim?

4. John Keith
   Comment by John Keith | 01/31/09 at 8:08 pm

   He said the downtown commercial / retail scene will be grim. I don’t. No glut of office space, as of yet, and little coming online.

5. Mary
   Comment by Mary | 01/31/09 at 8:25 pm

   John,

   What part of world wide depression do you not get? with so many companies failing or cutting back how could it not suffer, good God man…

6. Newbury
   Comment by Newbury | 01/31/09 at 11:14 pm

   John – I’d appreciate if you’d refrain from dismissing my opinion by labelling it a “rant”.

   Characterizing the outlook for the future as “grim” hardly makes it a rant, and your characteristically bitchy rejoinder makes me wonder why I bother to post such information here.

7. John Keith
   Comment by John Keith | 02/01/09 at 12:32 am

   Mary, your opinion on things comes through.

   Newbury, sorry if mere words upset you so much. Feel free to comment at will; I don’t comment much any longer and would be happy to cut back any more.

   However, I still think you’re wrong about the outlook for retail/commercial. More data is needed, meaning more time needs to pass.

8. Mary
   Comment by Mary | 02/01/09 at 7:20 am

   “Mary, your opinion on things comes through”

   John, as does yours;

   “There are certain areas throughout the country where the subprime lending crisis seems destined to explode. (I don’t think the nation’s economy is at risk, btw.)”

   1/31/2008

   “So, we may not technically be “in” a recession, or heading toward one (I don’t think we are, btw),”

9. Steph
   Comment by Steph | 02/02/09 at 11:14 am

   John Keith, Please, please continue to express your comments. I love you weekly summary.

   Sometimes I think you’re the only one on this blog that gets it.

10. John Ford
    Comment by John Ford | 02/02/09 at 12:22 pm

    Newbury, As the owner of this blog, I hope you continue to expess your thoughts. Your opinion does matter as does John Keith’s.

11. anthony
    Comment by anthony | 02/02/09 at 6:15 pm

    how about starting a message board where these comments and conversations can continue???

12. John Ford
    Comment by John Ford | 02/02/09 at 6:27 pm

    Anthony, that’s a good idea, I’ll speak to my web guy in the morning.

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