Manhattan’s retail scene is such a combined bag as to defy generalization. The Actual Property Board of NY experiences fewer accessible storefronts than final 12 months and rising rents, however general, situations are everywhere in the map.
For instance, Soho and Upper Madison Avenue are strong whereas Broadway on the Higher West Facet resembles a wasteland of vacant areas.
One hall that’s in glorious form is commonly missed — Fifth Avenue between East 14th and East twenty third Streets, which doesn’t benefit from the international profile of its Midtown counterpart.
The stretch is flourishing with new leases and expansions. Newmark vice-chairman Ariel Schuster, a retail specialist for 20 years, represented both the tenant, landlord or either side in 80% of current offers.
He stated, “Nearly all of the world doesn’t understand how a lot leasing takes place on Decrease Fifth Avenue.
“Some [occupancy] numbers there are higher than in Soho. “The structure on Decrease Fifth is such that there’s extra room for giant shops.
“What tenants largely care about is gross sales, and gross sales on Decrease Fifth have all the time been sturdy. This isn’t an rising market,” Schuster chuckled.
He stated the supply price is a minuscule 5%, however asking rents — which may attain $400 per sq. foot — “range quite a bit.”
Current high-profile retail offers on Decrease Fifth embrace:
- Girls’s style line Aritzia is transferring from 89 Fifth Ave. to a bigger, three-level retailer at 115 Fifth Ave. With 15,000 sq. toes, it’s the most important of the brand new leases.
- Midsole-cushioned sneakers specialist Hoka signed a long-term lease at 172 Fifth Ave. after a take a look at location at 142 did effectively.
- Finnish-owned Arc’teryx, which sells out of doors clothes and tools, moved and expanded to 149 Fifth Ave. from 139 Fifth.
- Girls’s informal sportswear chain Madewell tripled its area at 156 Fifth Ave.
- Rothy’s, which sells stylish males’s and ladies’s sneakers, is opening a brand new outpost at 134 Fifth Ave.
- Buck Mason simply opened its largest Manhattan retailer for its menswear assortment at 170 Fifth Ave.
- “Athleisure” model Vuori is taking the previous All Saints location at 120 Fifth Ave., the Commercial Observer reported.
“All these transactions passed off over the previous 12 to fifteen months on this one submarket,” Schuster stated.
