Despite high vacancy, asking rents remain high in Plaza District

Due to it’s dependence on financial services firms, The Plaza District — situated between East 47th and East 55th streets between Central Park and the East River — has suffered most, coming in as the Manhattan Class A submarket with the highest vacancy in August, the New York Observer reported.

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Those numbers, provided by commercial brokerage Cassidy Turley, reflect the nearly 500,000 square feet of space now available at Kushner and Vorndado’s 666 Fifth Avenue, much of which is sublease space Citibank put on the market in July.

But that hasn’t lowered asking rents, which average $86.26 per square foot — some of the highest in Manhattan. [NYO] — Guelda Voien