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Rent skyrockets in Manhattan retail zones
All but one of Manhattan’s major retail corridors saw increases in average asking rents this year, according to the Real Estate Board of New York’s spring market report.
The biggest jump is along East 57th Street, where average rents soared 60 percent, to $1,600 per square foot, compared to the same period a year ago, according to the report to be released Monday.
A number of luxury residential projects are rising there, including Macklowe and CIM’s “toothpick tower,” at 432 Park Ave., and World Wide Group and the Rose family’s 250 W. 57th St.