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.EAST SIDE: MADISON AVENUE, BETWEEN 57TH AND 72ND STREETS
Change: 28.4 percent
2007: $1,158 2006: $902
The corridor has hosted a bevy of upscale retail activity for years. In May, Asprey opened its new store at 853 Madison Avenue at East 70th Street. The Dolce & Gabbana site at 825 Madison Avenue is reopening this summer, with a total of 13,000 square feet of selling space. Other stores in the area include Barneys New York, Hermès, Donna Karan, Yves Saint Laurent (left), Fred Leighton, Vera Wang, Olive + Bette's and Michael Kors.
WEST SIDE: BROADWAY, BETWEEN 72ND AND 86TH STREETS
Change: 14.7 percent
2007: $313 2006: $273
This stretch of Broadway on the Upper West Side houses every retailer imaginable, from Filene's Basement to Barneys New York Co-op (left) to Ann Taylor. The latest news: Discount brand name retailer Loehmann's has opened a 35,000-square-foot store on Broadway between 73rd and 74th Streets. In addition, Uniqlo opened a temporary store at 2235 Broadway in May, which will remain open with only children's wear.
FLATIRON: FIFTH AVENUE, BETWEEN 14TH AND 23RD STREETS
Change: 13.7 percent
2007: $267 2006: $235
At the base of the Flatiron corridor, Pier 1 Imports kicks off a variety of retailers that line this strip. Esprit's 10,000-square-foot flagship is located here, on 16th Street, as well as units for Anthropologie, Bebe, Coach (left), A|X Armani Exchange, Paul Smith and J. Crew. Rounding out the strip near 23rd Street are American Apparel, Sephora and Searle.
TIMES SQUARE: 42ND STREET, BETWEEN SIXTH AND EIGHTH AVENUES
Change: 10.7 percent
2007: $321 2006: $290
Anchoring this corridor are Bryant Park at Sixth Avenue (home to New York Fashion Week) and the Port Authority at Eighth Avenue. The Disney Store, Madame Tussaud's New York, AMC Theater and B.B. King Blues Club & Grill are all attractions for kids and tourists. "Retailers are starting to recognize the pedestrian traffic is there, and that there's real potential for retail growth," said Mike Slattery of REBNY.MIDTOWN: FIFTH AVENUE, BETWEEN 49TH AND 59TH STREETS
Change: 10.5 percent
2007: $932 2006: $844
Bulgari, Henri Bendel, Bergdorf Goodman, Brooks Brothers and Banana Republic line the corridor, and plenty of other retail activity is in motion. Giorgio Armani is building a New York megastore here, called Armani/Fifth Avenue. It is set to open in fall 2008 in a space currently occupied by Hugo Boss. Other top retailers include Saks Fifth Avenue, Tiffany & Co., Louis Vuitton, Gucci and Prada (left).
SOHO: BROADWAY, BETWEEN HOUSTON AND BROOME STREETS
Change: 9.6 percent
2007: $321 2006: $293
Big draws to this area of SoHo include well-known shops like Pottery Barn, Banana Republic, Uniqlo (left), Sephora and Bloomingdale's. But the hard-core shopper can easily venture off the main drag to find some top designer boutiques. Nearby tenants include Betsey Johnson and Cynthia Rowley on Wooster Street, D&G on West Broadway, Marc Jacobs on Mercer and Anna Sui and Paul Smith on Greene Street.
UPPER MANHATTAN: 125TH STREET, RIVER TO RIVER
Change: 9.6 percent
2007: $103 2006: $94
If former president Bill Clinton can set up shop here, why can't retailers? From river to river, 125th Street hosts plenty of well-known stores, including Marshall's, Old Navy, H&M and Lane Bryant. Other big attractions include Sylvia's, the popular dining joint; the Lenox Lounge — home to live jazz and dining, and the Apollo Theater (left), which hosts live entertainment.
DOWNTOWN: BROADWAY, BATTERY PARK TO CHAMBERS STREET
Change: 6.7 percent
2007: $177 2006: $166
"This area is starting to again be recognized as a vibrant district where retail and companies want to be," said Slattery. After the 9/11 attacks, the retail market froze in this corridor, but slowly it's making a comeback. Discount department store Century 21 (left) is located here. Hermès is opening its Wall Street location next week, and Tiffany & Co. is scheduled to open this fall on Wall Street, as well.TIMES SQUARE: SEVENTH AVENUE, BETWEEN 42ND AND 47TH STREETS
Change: -2.5 percent
2007: $461 2006: $473
Running alongside Broadway through Times Square is the Seventh Avenue retail corridor, home to everything from sports shops to souvenir stands. The ESPN Zone's sports store is located on Seventh Avenue at 42nd Street, and Champs and Quiksilver are in this neighborhood, too. Gifts and souvenir stores abound, including Times Square Gifts & Souvenirs, Giftmania and The Spirit of Broadway.
EAST SIDE: THIRD AVENUE, BETWEEN 60TH AND 72ND STREETS
Change: -10.2 percent
2007: $218 2006: $243
Though asking rents might be down slightly in this area, "Retail development is heating up around Bloomingdale's Manhattan flagship," said WWD in April. The flagship is located on 60th Street and Third Avenue, at the base of the corridor. Other stores to the north of Bloomingdale's include Scoop, Arden B. and American Apparel (left).
MIDTOWN: 57TH STREET: FIFTH TO PARK AVENUES
Change: -19 percent
2007: $675 2006: $834
"This is a very small corridor, so unless you have a major store opening available, the prices in the area will tend to fluctuate a bit more, because of the limited number of spaces," said Slattery. In March, Jil Sander said Miu Miu is taking over its 7,000-square-foot unit within a year. The 57th Street space is home to shops including Louis Vuitton, Chanel and Burberry. Also located here is Dior's flagship (left), at 21 East 57th Street, in the LVMH tower.
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