This stretch of Fifth Avenue ranks as the world’s second priciest retail corridor

A weekly feature bringing you the industry's latest intel

New York /
Nov.November 16, 2018 04:31 PM

An Apple store at 767 5th Avenue (Credit: Wikipedia)

According to this week’s market reports, Fifth Avenue ranked as the second most expensive retail corridor in the world and Manhattan multifamily construction slowed down in the third quarter.

Residential

Sales | Redfin

Nearly one-third of homes listed in the US registered a price cut in October. The share of discounted homes, at 31.3 percent, is the highest since Redfin started tracking this metric in 2010. In spite of the large share of discounted homes, the median price for a US home increased 4.5 percent year over year to $297,200. Knoxville, Tennessee, posted the highest price growth in the country at 16 percent. Read the report here.

Commercial

Main Streets Around the World | Cushman & Wakefield

Fifth Avenue between 49th and 60th Street ranked as the second most expensive retail corridor in the world. In the second quarter, the area posted average rents of $2,250 per square foot. Hong Kong’s Causeway Bay retained the top spot in spite of price decline, posting average rents of $2,671 per square foot. No other American retail corridors placed in the top 10. Read the report here.

New York City Multifamily Research Market Report | Marcus & Millichap

The pace of multifamily construction in Manhattan slowed in the third quarter. During the period, there were 4,490 units completed in the borough, a decline of 750 units from the same time last year. Nearly half of new rental units in the borough were built in Lower Manhattan. Despite slower construction activity, the average monthly rent in Manhattan rose 3.2 percent to $3,635 per month. Rent growth was highest in Midtown South, which saw prices increase by 4.5 percent to $4,178 per month.


Related Articles

arrow_forward_ios
Mack Real Estate CEO Richard Mack and one of his new hotels at 51 Nassau Street. (Getty, ING)
Mack Real Estate takes over 7 distressed Manhattan hotels
Mack Real Estate takes over 7 distressed Manhattan hotels
1440 Broadway and CIM Group’s Shaul Kuba (Google Maps, Getty)
CIM closes on $400M refi for 1440 Broadway
CIM closes on $400M refi for 1440 Broadway
Theaters in some cities are opening with restrictions. (Getty, Photo Illustration by Alison Bushor for The Real Deal)
Coming attraction: Movie theaters reopen in New York, San Fran
Coming attraction: Movie theaters reopen in New York, San Fran
Hedge fund manager Robert Citrone (Getty)
This “Tiger Cub” hedge funder owns nearly 10% of Compass
This “Tiger Cub” hedge funder owns nearly 10% of Compass
Innovo Property Group's Andrew Chung with 23-30 Borden Avenue in Long Island City (Google Maps)
Innovo lands $155M construction loan for LIC warehouse
Innovo lands $155M construction loan for LIC warehouse
Restaurants and bars accounted for a majority of the gains in February (iStock)
Leisure, hospitality big winners in February job gains
Leisure, hospitality big winners in February job gains
Zynga founder Mark Pincus, Hippo founders Assaf Wand and Eyal Navon, and LinkedIn co-founder Reid Hoffman (Getty, LinkedIn)
Hippo strikes $5B SPAC deal with LinkedIn, Zynga founders
Hippo strikes $5B SPAC deal with LinkedIn, Zynga founders
The company currently operates 761 stores, and intends to open 100 new stores this fiscal year. (iStock)
Retailer Burlington plans to double store count
Retailer Burlington plans to double store count
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...