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Report: Manhattan ground-floor retail rents up

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Asking rents for ground-floor retail space on Madison Avenue between 57th and 72nd streets hit a new record in late March, according to a reported released Thursday afternoon by the Real Estate Board of New York. Rents along the coveted retail corridor hit an average of $902 a foot, a nearly 15 percent increase over the same time last year. Average asking rents overall for ground-floor retail space in Manhattan increased 18.8 percent from late March 2005 to this past March to $329 a foot, according to the REBNY report, which surveyed 14 major retail corridors in the borough. more By Tom Acitelli

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