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CAPITAL -- Record retail rents along some posh strips
May 12, 2014
Much of Manhattan's retail leasing market saw significant price gains this spring, with the poshest Fifth Avenue strip—between 49th and 59th streets—increasing 16 percent in the last year to set a record average price of $3,550 per square foot, according to a report released this morning by the Real Estate Board of New York.
REBNY's retail report, which is conducted twice a year, recorded declines in a handful of corridors like East 86th Street between Lexington and Second avenues , where the average list price fell 30 percent year-over-year and 13 percent in six months. On the Upper West Side, the average price on Broadway between 72nd Street and 86th Street fell 34 percent between the fall and the spring, though it was down just 2 percent in the last year.