Lower Manhattan shines among otherwise mixed retail report

May.May 19, 2011 12:39 PM

Retail rents in Lower Manhattan jumped 23 percent in the spring of 2011
compared to the fall of 2010, according to a report released today by
the Real Estate Board of New York, and apparently that’s because of the  news coverage World Trade Center construction has garnered. “Lower
Manhattan has been receiving national and international attention as a
result of the progress at the World Trade Center site. The rise in
asking rents for retail space shows that retailers are looking to
capitalize on the increase in pedestrian traffic expected there in the
years to come,” said Steven Spinola, REBNY’s president.

The average rent in the Financial District was $184 per square foot and
for all space below 14th Street was $104 per square foot, the report
shows, positive signs for the Downtown market. But the story was much
different north of 14th Street. With the exception of 86th Street on the
East Side, and Fifth Avenue in the 40s, asking rents declined in the
island’s other major retail areas. Asking rents on Madison and Fifth
avenues in the 50s, Madison Avenue from 57th to 72nd streets, and Times
Square declined from the fall, and while prices rose in Flatiron and
Herald Square compared to the fall, they remained below the asking
prices from spring 2010. REBNY’s findings were roughly similar those in a Cushman & Wakefield study cited by The Real Deal last month. TRD

Related Articles

John Banks

High expectations: A look at John Banks’ 4 years at REBNY

John Banks

John Banks to step down as REBNY president

REBNY Awards

Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi

Patrick Jenkins (center) with Carl Heastie and James Whelan (Credit: Twitter, Anuja Shakya Photography)

REBNY, other biz groups tap Heastie’s bestie for tax-break campaign

The Real Deal interviews TF Cornerstone's Tom Elghanayan at REBNY's 124th annual banquet.

TF Cornerstone exec: How I got over Amazon dumping LIC

NestApple head broker Nicole Fishman, Localize.city president Stephen Kalifowitz, RentHop founder Lee Lin and RoomZoom founder Elien Becque

Broker-fee ban could boost some startups, doom others

Clockwise from left: Celonis co-founders Bastian Nominacher, Alexander Rinke, and Martin Klenk with 1 World Trade Center (Credit: Celonis)

German tech firm snags full floor at 1 WTC

REBNY President Jim Whelan (Credit: iStock; Whelan by Anuja Shakya)

Rental commissions are back — for now