ML-Implode News - NYC Landlords Slash RetailÂ Rents to Ward Off Vacancies

The REBNY Spring 2017 Manhattan Retail Report lists retail rental rates in 14 of Manhattan's 17 high profile shopping corridors have declined. The poshest parts of Bleecker Street between Seventh Avenue and Hudson Street have fared the worst of all the Manhattan markets. Rents there tumbled 27 percent from $513 per foot to $373 per foot since last spring, and nine vacancies remain.
On Broadway in the Flatiron, rents dropped 22 percent to $348 per foot, a decline that served to fill most of the vacancies. Rents also fell 18 percent in both Herald Square and the now less-pricey Times Square to $734 and $1,930 per foot, respectively.
In Tony Madison Avenue between 57th and 72nd Streets building owners lowered the asking rents by 12 percent to $1,446 per foot, down from $1,644 last spring. Nonetheless, there are still 33 vacancies in this area.
On Columbus Avenue rents plummeted 15 percent to $344 per foot, and the number of empty stores increased from 8 to 14. Third Avenue has also seen a jump in vacancies to 34 from 15 a year ago. Asking rents there are down only 4 percent to $356 per foot. On the West Side, in Broadway from 72nd to 86th streets, rents have fallen 12 percent since last spring to $315 per foot , with 21 vacancies.Â

Relevant:

NYC Landlords Slash RetailÂ Rents to Ward Off Vacancies