Despite continuing economic and consumer worries, there’s still plenty of demand for top-notch retail real estate in New York.
“Retail rents are now well above their all-time highs, approaching $3,000 per square foot on [upper] Fifth Avenue and $2,000 per square foot in Times Square,” said David Greenbaum, president of Vornado Realty Trust’s New York division, on a conference call detailing the company’s third-quarter results. “The [New York] retail market is very strong, driven by the continued growth in tourism, which is expected to reach 52 million visitors this year.”
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