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NYCe Wheels closed its doors.

Old 03-05-19, 02:56 PM
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Originally Posted by sgtdemeo
I purchased 2 Brooks saddles on their website after the brick and mortar store closed, because they were half price. after a week of waiting for them to send a tracking number, I called, left multiple messages, and emailed several times to no answer. I finally had to make a claim through PayPal to cancel the order. ........ .
Thanks for the reply. They said they still taking online orders which I don't believe. That's why I was asking.
I purchased three Brompton bikes from them in the past two years. What a shame..... the owner could have just sold the company because NYCEWheels brand could still worth some money.

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Old 03-05-19, 06:18 PM
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moan

Originally Posted by pakeboi
NYCe Wheels has folded .
Packed it in?
Wheelie ,now.
Spoken their last?
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Old 03-08-19, 11:07 AM
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Lot's of empty store-fronts now in NYC Brooklyn, Queens etc. As I understand it the greed motivator is such that you can take a business write -off for 'the rent you're NOT getting' and it goes well for developers and such to keep store-fronts empty & rents high. They suffer not at all, while the common person looses their job or their local store etc. So it's basically corporate greed making this world into a black hole. A bicycle store or record shop book store or anything duplicatable on-line is really just low-hanging fruit.
Though if you need a bank or a HUGE pharmacy there is one every where. Banks 'hold the note' on the building they occupy, so they don't pay rent and the big chain stores are just crunching numbers somewhere.
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Old 03-08-19, 12:47 PM
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So their store front is Vacant, now ? last time you walked/biked by..
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Old 03-08-19, 02:42 PM
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Originally Posted by kraftwerk
Lot's of empty store-fronts now in NYC Brooklyn, Queens etc. As I understand it the greed motivator is such that you can take a business write -off for 'the rent you're NOT getting' and it goes well for developers and such to keep store-fronts empty & rents high. They suffer not at all, while the common person looses their job or their local store etc. So it's basically corporate greed making this world into a black hole. A bicycle store or record shop book store or anything duplicatable on-line is really just low-hanging fruit.
Though if you need a bank or a HUGE pharmacy there is one every where. Banks hold the not on the building they occupy and the big chain stores are just crunching numbers somewhere.
But...how do you REALLY feel about things?

Seriously though, a business which (for whatever reasons) has thrown in the towel and is in the process of closing it's affairs has NO reason to take the high road in terms of fire sale service and fulfillment. That's just my hard-earned take on it, and for that reason I try to avoid the temptation of super low, going out of business priced purchases. YMMV.

(and yes the internet is changing commerce as we know it...but the pendulum also always seems to swing the other way. Maybe not in my lifetime, but I think people will eventually dis-connect from the internet in search of a more personalized, regionalized purchasing experience. Someday. Maybe)
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Old 03-08-19, 04:26 PM
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Since you asked how I really feel.... Internet shopping is just part of the problem and not always the best way to shop,
but sometimes it is,
in most cases it's what we have so there it is. I am more concerned about the real estate land-grab
that these empty store fronts' represent.
The landlord will claim the rent is now $22,000 a month when in reality it should only be $2,200. Knowing full well he could get between $1800 and $3300 for it, he would rather claim a $22,000 loss, which puts more money in his pocket as a tax write-off and THEN the value of the building itself can be inflated,
" Look how much that store front is worth: $22,000 !!"
In turn he can borrow MORE money on this ( inflated ) property value and buy MORE buildings. What we are seeing when a small yet successful independent shop closes it's doors is just what I have described above.
The actual story here may vary, but that is the basic out-line.
Developers are ruining the market landscape and making a lot of money while making others miserable.

Yep, that's how I really feel.
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Old 03-08-19, 08:13 PM
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Originally Posted by kraftwerk
Since you asked how I really feel.... Internet shopping is just part of the problem and not always the best way to shop,
but sometimes it is,
in most cases it's what we have so there it is. I am more concerned about the real estate land-grab
that these empty store fronts' represent.
The landlord will claim the rent is now $22,000 a month when in reality it should only be $2,200. Knowing full well he could get between $1800 and $3300 for it, he would rather claim a $22,000 loss, which puts more money in his pocket as a tax write-off and THEN the value of the building itself can be inflated,
" Look how much that store front is worth: $22,000 !!"
In turn he can borrow MORE money on this ( inflated ) property value and buy MORE buildings. What we are seeing when a small yet successful independent shop closes it's doors is just what I have described above.
The actual story here may vary, but that is the basic out-line.
Developers are ruining the market landscape and making a lot of money while making others miserable.

Yep, that's how I really feel.
Are you on drugs, hope you aren't doing your taxes that way. An inflated lost opportunity cost that has not occurred is not deductible.
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Old 03-08-19, 09:06 PM
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Originally Posted by fietsbob
So their store front is Vacant, now ? last time you walked/biked by..
First av. bike path is pretty close by. I used that path the other day.
Saw from the path "For Lease" sign is still there.

Why, you're hoping for some sort of resurrection?
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Old 03-08-19, 09:15 PM
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Yes I am also a "Creative CPA" Send me your taxes! I will make it really interesting for you this year!

Seriously: Fact is I may have exaggerated the numbers slightly but the scam works on a certain level.
Sorry you are loosing a sheep-ton of money as a land lord if you don't realize:
"You can claim the same deductions on a vacant rental as when it's occupied. Your mortgage interest, maintenance, repairs, homeowners insurance and the cost of advertising your rental are all deductible. " also: "A special rule lets you deduct up to $25,000 of losses from rental real estate in which you actively participate."



And "accounting" just means 'fudging with the numbers' for these people.
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Old 03-09-19, 10:14 AM
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Originally Posted by 1nterceptor
First av. bike path is pretty close by. I used that path the other day.
Saw from the path "For Lease" sign is still there.

Why, you're hoping for some sort of resurrection?

no expecting the rent was jacked up, past affordability, and now taxpayers are paying the landlord for his 'losses' in the vacant storefront ..
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Old 03-13-19, 06:01 PM
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Originally Posted by kraftwerk
Lot's of empty store-fronts now in NYC Brooklyn, Queens etc. As I understand it the greed motivator is such that you can take a business write -off for 'the rent you're NOT getting' and it goes well for developers and such to keep store-fronts empty & rents high.
There's no deduction for rent one doesn't receive.
(Although there are accounting complexities when using the accrual system.)
So there's no financial or tax advantage to leaving a unit vacant.
The way this works...
If I collect $xxx/month for an occupied unit, then I declare this income on my tax return.
If the unit becomes vacant, that $xxx/month simply isn't recorded as income, so I don't pay taxes on it.
The taxpayer doesn't give me anything.
It's easy to discover that occupied units are more profitable than vacant ones.
Pretty simple, eh?

Background:
I've been a licensed real estate broker, developer, & commercial & residential landlord.
I've worked closely with my CPA on tax strategies & compliance, & done well in IRS audits.

Now, for everyone's entertainment....

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Old 03-13-19, 07:03 PM
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Originally Posted by kraftwerk
Lot's of empty store-fronts now in NYC Brooklyn, Queens etc. As I understand it the greed motivator is such that you can take a business write -off for 'the rent you're NOT getting' and it goes well for developers and such to keep store-fronts empty & rents high. They suffer not at all, while the common person looses their job or their local store etc. So it's basically corporate greed making this world into a black hole. A bicycle store or record shop book store or anything duplicatable on-line is really just low-hanging fruit.
Though if you need a bank or a HUGE pharmacy there is one every where. Banks 'hold the note' on the building they occupy, so they don't pay rent and the big chain stores are just crunching numbers somewhere.
Yup,...

Originally Posted by Revoltingest
There's no deduction for rent one doesn't receive.
(Although there are accounting complexities when using the accrual system.)
So there's no financial or tax advantage to leaving a unit vacant.
The way this works...
If I collect $xxx/month for an occupied unit, then I declare this income on my tax return.
If the unit becomes vacant, that $xxx/month simply isn't recorded as income, so I don't pay taxes on it.
The taxpayer doesn't give me anything.
It's easy to discover that occupied units are more profitable than vacant ones.
Pretty simple, eh?

Background:
I've been a licensed real estate broker, developer, & commercial & residential landlord.
I've worked closely with my CPA on tax strategies & compliance, & done well in IRS audits.

Now, for everyone's entertainment....
Apparently you're not all that great, or else you'd have known about what's been going on in Brooklyn, Queens, Manhattan, and even some locations in the Bronx and Staten Island,... NYC has become a dream for wealthy investors, but a nightmare for small business owners.
Change the math that's keeping too many NYC storefronts vacant
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Old 03-13-19, 08:03 PM
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Originally Posted by tds101
Yup,...



Apparently you're not all that great, or else you'd have known about what's been going on in Brooklyn, Queens, Manhattan, and even some locations in the Bronx and Staten Island,... NYC has become a dream for wealthy investors, but a nightmare for small business owners.



Change the math that's keeping too many NYC storefronts vacant
I avoid NYC if at all possible.
I'm just telling you how accounting & tax law actually work.
Ask your own CPA to verify.

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Old 03-13-19, 08:10 PM
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Originally Posted by Revoltingest
I avoid NYC if at all possible.
I'm just telling you how accounting & tax law actually work.
Ask your own CPA to verify.
If you don't know what's going on in NYC don't generalize, and don't tell people they're wrong without a grasp of the situation. Where you live, and the tax laws you're used to dealing with, differ from state to state, country to country, etc. You have no idea what it's like in our neck of the woods. Especially since my cpa despises the situation as it stands,...and if you would have read the article I linked to, you might have noticed that you're wrong.
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Old 03-13-19, 08:31 PM
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Originally Posted by tds101
If you don't know what's going on in NYC don't generalize, and don't tell people they're wrong without a grasp of the situation. Where you live, and the tax laws you're used to dealing with, differ from state to state, country to country, etc. You have no idea what it's like in our neck of the woods. Especially since my cpa despises the situation as it stands,...and if you would have read the article I linked to, you might have noticed that you're wrong.
Federal tax law applies in all states & cities within, even NYC.
Do you claim a lost rent deduction from your taxes?
How much commercial property do you manage?

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Old 03-13-19, 08:44 PM
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Originally Posted by Revoltingest
Federal tax law applies in all states & cities within, even NYC.
Do you claim a lost rent deduction from your taxes?
How much commercial property do you manage?
Read the article,... And I know commercial property owners - they're quite pleased. Apparently you can't accept the fact that it's an issue you have no knowledge of.
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Old 03-13-19, 09:50 PM
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Originally Posted by tds101
Read the article,... And I know commercial property owners - they're quite pleased. Apparently you can't accept the fact that it's an issue you have no knowledge of.
So you aren't actually in the business, eh.
Bless your heart.
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Old 03-13-19, 10:01 PM
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Originally Posted by Revoltingest
So you aren't actually in the business, eh.
Bless your heart.
​​​​​​I don't have to be,... But you apparently are completely unable to admit that you have no idea about the situation in NYC.
Prayers for healing,...
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Old 03-17-19, 11:33 PM
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Originally Posted by Revoltingest
So you aren't actually in the business, eh.
Bless your heart.
Nobody wants your blessings ...

"I want last twenty seconds of my life back"

Fact is, we lose stores we loved and, as citizens, are loosing the tax dollars which are related to these functioning commercial rentals.
I don't know where you live, but try to understand this one thing: NYC business - folk are often light-years ahead when it comes to figuring out how to make money, how to steal money and how not to get punished for it. Not one NYC banker went to jail for the 2008 crash. Citizens don't have to be in any particular business to see this phenomenon or understand the pain.
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Old 03-18-19, 09:51 AM
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Originally Posted by kraftwerk
Nobody wants your blessings ...
It seems that New Yorkers don't speak "southern", & misunderstood my
message of polite dismissal, & agreement to disagree about tax accounting.
This should help...
https://www.urbandictionary.com/defi...20your%20heart

I corrected the utterly ridiculous claim that landlords can take tax deductions
for rent lost on vacant units. It cannot be done, either on state or federal tax
returns. (Note that NY state tax returns are based upon fed forms.)
Ward00 is right. Feel free to ask your CPA. And look over IRS Schedule E.

You're not losing a single LBS to anyone purposely leaving a unit vacant
for tax purposes. What's most likely....
- The LBS folded, or.....
- The landlord refused to renew the lease, expecting more rent from a future tenant.
This might help....
https://www.ezlandlordforms.com/foru...tax-deduction/

Citizens don't have to be in any particular business to see this phenomenon or understand the pain.
But when not in the business, they shouldn't pretend expertise.

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Old 03-18-19, 10:03 AM
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I sense you are not drinking my sake Kimosabe.
This is really NOT about taxes and accounting it's about Monopoly and how to 'game the system' ( ask the toad in the WH how that works)
Since you are in the industry: Enjoy the next "savings and loan crisis" Also, it won't be called the savings and loan crisis
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Old 03-18-19, 10:42 AM
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Originally Posted by kraftwerk
I sense you are not drinking my sake Kimosabe.
This is really NOT about taxes and accounting it's about Monopoly and how to 'game the system' ( ask the toad in the WH how that works)
Since you are in the industry: Enjoy the next "savings and loan crisis" Also, it won't be called the savings and loan crisis
Someone made it about taxes & accounting. I addressed that.
It's significant because your local LBS won't fail for that reason.
We've lost some here for various reasons, one of which was an
expensive expansion into a 2nd store in a down bike market.
(The landlord quickly put in new tenants, btw.)
But we did get one new LBS, when a local sporting goods store
expanded. (I suggested carrying folders.) I hope they survive.

As for S&L crisis, monopolies, toads, faked moon landings, the
water burning engine, & the impending lizard people invasion....
That discussion is for another day in another forum.

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Old 04-08-19, 07:51 AM
  #73  
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Lizard people invasion!

discuss:
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Old 04-13-19, 12:56 AM
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I haven't lived in NYC since 2001. I bought my first folder from Gotham Bikes on West B'way. Are they even still there? It got stolen from my GF's apt. complex (now wife) bike storage area. She felt so bad about it that a year later she bought a replacement to surprise me with. From NYCE wheels. When we were shopping for a tandem I got talking with Bicycle Man upstate, and he said things are crazy down in the city. He was talking to the people at Gotham Bikes and they asked him how much he pays for space. He said $5,000. They said, 'that's what we pay'. He said, that's what you pay a month, I bought my building for $5,000!

I haven't been back to the city but I know that everything I knew has been priced out and I'm shaking my head at recent posts that refuse to acknowledge the FACT that greedy property owners in NYC know how to MAKE money on real estate that is not earning rental income. Not just NYC, everywhere in America. I believe there are something like 118M registered households in America and there are an EQUAL number of vacant homes! Houses should be cheap with that kind of vacancy rate. Are they? Commercial real estate, family dwellings, people in the know (or their tax attorney's) don't have to accept what the market will bear. They have no incentive to sell a property or rent it to make money. They can monetize their loss somehow and that makes more and more of them just hold onto vacant property all over the country even while new construction goes up right across the street.
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Old 04-13-19, 05:39 AM
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Bikes: Dahon Helios, Dahon P8, Bike Friday tandem, Ingo, Trek, Columbia, Helix

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Originally Posted by Leisesturm
I haven't lived in NYC since 2001. I bought my first folder from Gotham Bikes on West B'way. Are they even still there? It got stolen from my GF's apt. complex (now wife) bike storage area. She felt so bad about it that a year later she bought a replacement to surprise me with. From NYCE wheels. When we were shopping for a tandem I got talking with Bicycle Man upstate, and he said things are crazy down in the city. He was talking to the people at Gotham Bikes and they asked him how much he pays for space. He said $5,000. They said, 'that's what we pay'. He said, that's what you pay a month, I bought my building for $5,000!

I haven't been back to the city but I know that everything I knew has been priced out and I'm shaking my head at recent posts that refuse to acknowledge the FACT that greedy property owners in NYC know how to MAKE money on real estate that is not earning rental income. Not just NYC, everywhere in America. I believe there are something like 118M registered households in America and there are an EQUAL number of vacant homes! Houses should be cheap with that kind of vacancy rate. Are they? Commercial real estate, family dwellings, people in the know (or their tax attorney's) don't have to accept what the market will bear. They have no incentive to sell a property or rent it to make money. They can monetize their loss somehow and that makes more and more of them just hold onto vacant property all over the country even while new construction goes up right across the street.
Perhaps you could explain what it means to "monetize" a loss with your properties?
(I'd never figured out how to make money owning buildings with no profit.)
With vacant buildings, the income is gone, but the expenses remain. That's a financial disaster.
When rents were falling in some markets in some years, I'd lower the rent to keep them
occupied. Even if it didn't cover expenses, vacant units would mean even greater losses.

Things change...
More people are buying bikes over the internet. Rents are increasing, & bike shops which
are seeing fewer sales are having a tough time coping. It isn't the landlords job to subsidize them.

Last edited by Revoltingest; 04-13-19 at 06:20 AM.
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