Marketplace · Tuesday, June 30, 2026
Nicole Panitteri, owner of The Brass Owl children's shop in New York City, has closed her business after 12 years. She cited inflation, tariff pressures, and the proximity of a big-box store as key reasons for the closure, which occurred in May 2026. Panitteri mentioned a significant financial hole and the need for commercial lease assistance and a vacancy tax for local businesses.
“Unfortunately, I have now closed the Brass Owl.”
“The Brass Owl was open for 12 years, and shortly after we spoke, things started getting a little difficult, and I wanted to take myself out of the payroll equation, hoping that would make things financially a little healthier, and I didn't see the results of that.”
“We need commercial lease assistance or stabilization. Commercial tenants are responsible for property taxes. We need help there. There needs to be a vacancy tax, and they are seeing a huge slowdown in spending due to the economy.”