Lower East Side boutiques boom

As the Lower East Side continues to replace hole-in-the-wall shops and tenements with boutiques and luxury condos, rents are doubling and tripling, with the average rent increase around 40 percent over the past five years. As older tenants move out, landlords are able to bring rents up to market value. Also, the addition of trendy boutiques headed by adventurous young entrepreneurs has driven up the prices for retail space in the area. And now, the ultimate indicator of the area’s renaissance: luxury hotels are also becoming popular.