By  on June 14, 2007

The change in asking rents for Manhattan's primary shopping corridors continued its upward momentum this year, according to the Real Estate Board of New York's Retail Report for spring 2007. Eleven of the 14 corridors witnessed increases in their asking rents, ranging from 7 percent to 120 percent. Madison Avenue (57th to 72nd Streets) recorded the highest average ground floor price of $1,158 per square foot, followed by Fifth Avenue (49th to 59th Streets) at $844 per square foot. With news that well-known names such as Nordstrom and Topshop are eager to break ground in Manhattan, the retail scene doesn't look to be dimming anytime soon. "There's been a general overall strength in the retail market here," noted Mike Slattery, senior vice president of research for REBNY.

TIMES SQUARE: BROADWAY, BETWEEN 42ND AND 47TH STREETS

Change in average asking price: 120 percent

2007: $840 2006: $381

The days of prostitutes, drug dealers and seedy strip joints are over for Times Square. Instead, this area of New York is now tourist- and kid-friendly. In addition to its own indoor Ferris wheel, Toys 'R' Us comes complete with toys, apparel and games. The MTV store beneath the TRL studio on the corner of Broadway and 45th Street sells apparel and school items, while Virgin Megastore features music, movies and books.

TRIBECA: HUDSON STREET, BETWEEN CHAMBERS AND CANAL STREETS

Change: 73.5 percent

2007: $137 2006: $79

Tucked away in this downtown neighborhood is a thriving, family-friendly upscale community. And specialty apparel stores, such as Issey Miyake's flagship, Look and Warehouse 159 (at Chambers Street) are catering to these residents. Favorite eateries along Hudson Street include Nobu, Bubby's, Danube, Acappella and Ecco! (at Chambers Street).

MIDTOWN SOUTH: 34TH STREET, BETWEEN FIFTH AND SEVENTH AVENUES

Change: 58.5 percent

2007: $496 2006: $313

The district has seen a retail boom over the last few years. The latest impending arrival is none other than J.C. Penney, which has revealed plans to open a 150,000-square-foot flagship in the Manhattan Mall in late 2008 or early 2009, which will be its first unit in Manhattan. The store also will be near to Penney's main competitor, Macy's (left). Nearby stores include Victoria's Secret, H&M, Sephora, Gap and Old Navy.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus