AMNY -- Fifth Avenue retail rents reach record high: Report

It's not just apartment rents that are skyrocketing in the Big Apple.

Retail rents in Manhattan have surged over the last year, according to a report Monday, with ground floor locations on Fifth Avenue between 49th and 59th streets reaching a record high of $3,550 per square foot.

According to the spring retail report by The Real Estate Board of New York, the price was a 16% jump from the same period last year, when the average rent was $3,052 per square foot. An increase in tourism and a growing economy have sparked the higher rents.

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