From the November issue: New York is, of course, the shopping (and eating) capital of the country — if not the world. But what do the latest concerns about a double-dip recession mean for the countless stores, restaurants and shops packed into Manhattan?
In this month’s Q & A, The Real Deal talked to Manhattan retail brokers about how the retail market — which tanked in the wake of the 2008 financial meltdown — is holding up.
Brokers said they are seeing strong rents and activity in prime areas like Fifth Avenue, Time Square, Soho and the Upper West Side. But, they say, secondary and tertiary submarkets are hurting, with continuing declines in asking rents and increases in vacancy rates. [more]
