Fifth Avenue

From the October issue: Fifth Avenue in the 40s is in retail flux. Nearly a dozen spaces on the
10-block stretch are vacant or on the market, including the former
Circuit City store and the former indoor mall at 575 Fifth Avenue and
47th Street. Meanwhile, new tenants like LittleMissMatched, the upscale
children’s apparel store, have recently entered the area. The strip includes the gateway to the Diamond District, along with the
eastern edge of Rockefeller Center, and is dotted with camera and
souvenir shops, as well as low-end food merchants. It has long been the
dowdy stepsister to Fifth Avenue in the 50s, which is lined with tony
tenants such as Saks Fifth Avenue, Tiffany and Bergdorf Goodman. But in recent years, the stretch started attracting higher-end retail
tenants, such as American Girl Place, Build-A-Bear and Aldo, the shoe
store. In fact, many expected it to keep getting fancier. [more]

The month of June is the time when nearly every department and
specialty store offers markdowns on the prices of merchandise. Brooks
Brothers, Saks Fifth Avenue, Thomas Pink, Bergdorf Goodman,
Bloomingdales and Lord & Taylor are offering discounts of as much as
50 percent off. With major bankruptcies in national and local
retailers, rents have dropped and continue to drop in selected markets
in New York City. Nevertheless, retailers are continuing to sign leases
for retail locations.

Joanne Podell, a broker at Cushman & Wakefield, said “despite
weaker retail sales, both national and local retailers continue to seek
opportunities in New York City. With lower asking rents by landlords,
there are tenants who in the past have not considered operating in New
York [that] are visiting this market.” [more]