Manhattan retail market


In Manhattan, high asking rents have dropped, resulting in an uptick in leasing activity and a stabilized market. According to a report by the Real Estate Board of New York, average asking rents dropped in nine of out 15 retail corridors in Manhattan. 

vSimilar to the year prior, the largest decrease came from the Upper East Side corridor on Madison Avenue between 57th Street to 72nd Street with asking rents of $906 per square foot, a 22 percent decline. Only Harlem, the Meatpacking District and the Financial District saw an upward trend in pricing. Rents in those neighborhoods went up 8, 14 and 22 percent, respectively.

Fall 2019Change From Fall 2018
UPTOWN
Harlem
125th Street: East River to Hudson River $151 8%
UPPER WEST SIDE
Broadway: 72nd Street to 86th Street $263 -14%
Columbus Avenue: 66th Street to 79th Street $298 0%
UPPER EAST SIDE
East 86th Street: Lexington Avenue
to Second Avenue
$327 -11%
Third Avenue: 60th Street to 72nd Street $233 0%
Madison Avenue: 57th Street to 72nd Street $906 -22%
MIDTOWN
East 57th Street: Fifth Avenue to Park Avenue $740 -20%
Fifth Avenue: 49th Street to 59th Street $2,838 -5%
Fifth Avenue: 42nd Street to 49th Street $852 -9%
MIDTOWN SOUTH
Herald Square
West 34th Street: Fifth Avenue to Seventh Avenue $528 -8%
Flatiron
Fifth Avenue: 14th Street to 23rd Street $348 -12%
Broadway: 14th Street to 23rd Street $377 0%
DOWNTOWN
Meatpacking District
14th Street: Ninth Avenue to Tenth Avenue $345 14%
SoHo
Broadway: Houston to Broome Street $491 -12%
Financial District
Broadway: Battery Park to Chambers Street $413 22%

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