The Real Deal New York

Madison Avenue draws eclectic tenants

March 02, 2011 05:55PM

The tenant mix on Upper Madison Avenue is becoming more diverse, with the arrival of Australian boot maker Ugg and designer Michael Kors, according to a new report from PBS Real Estate, which highlights new trends in retail real estate in New York City, Crain’s reported. The report also shows that a growing number of foreign retailers are seeking to expand in Manhattan, including British retailer Topshop, Spanish brand Desigual and the British brand All Saints. “2011 will see big changes on the streets of Manhattan,” said Laura Pomerantz, principal of PBS. She also noted that West 34th Street, which currently has few vacancies between Fifth and Sixth avenues, is also attracting new tenants. A variety of brands — including J.C. Penney, Timberland and Desigual — have all recently leased space there for the first time, drawn by the strong volume of tourists, local office tenants and residents. Increased retailer interest in West 34th Street has helped boost rents. According to Faith Hope Consolo, chairman of the retail leasing division of Prudential Douglas Elliman, who negotiated the deal that brought Korean retailer Who A.U. to West 34th Street last year, ground-floor retail rents are now around $600 a square foot, while three years ago they were closer to $500 a square foot. [Crain’s]


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