Major price surges for rents in select city retail corridors.Manhattan's primary retail corridors saw unprecedented surges in asking rents in the spring compared to last year, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the Real Estate Board of New York's (REBNY REBNY Real Estate Board of New York ) Retail Report. The primary shopping corridors with the highest percentage increase in average asking rents were Broadway between 42nd and 47th streets, which spiraled upward by 120%, followed by TriBeCa's Hudson Street Hudson Street can refer to:
Eleven major retail corridors had increasing asking rents ranging from seven percent to 120%. Midtown's 34th Street (5th to 7th avenues) had the third highest percentage increase with asking rents for ground floor space rising 58 percent from last year. Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. (57th to 72nd Sts) and Broadway (72nd to 86th Sts) rounded out the top five with percentage increases of 28 and 15%, respectively. "These are some of the highest percentage increases for the major shopping corridors we've ever seen," said Steven Spinola, REBNY president. "Broadway's strong retail market is likely the result of surging tourism numbers. Given the high foot traffic in Times Square, storefronts have advertising value as well as sales value attracting retailers willing to pay a premium to be there. And Hudson Street in TriBeCa, which had the second highest percentage increase in asking rents, has been building steam for some time as more major retailers are attracted to the neighborhood." Manhattan's coveted cov·et v. cov·et·ed, cov·et·ing, cov·ets v.tr. 1. To feel blameworthy desire for (that which is another's). See Synonyms at envy. 2. To wish for longingly. See Synonyms at desire. retail locations Madison Avenue (57th to 72nd Sts) and Fifth Avenue (49th to 59th Sts), the mainstays of the highest-asking-rent-category, showed healthy increases in the last year with the highest average ground floor price of $1,158 for Madison Avenue and $844 for Fifth Avenue. As for the five geographic areas surveyed by the report, the East Side reported the highest average asking rent per square foot (psf) of $155, followed by Midtown mid·town n. A central portion of a city, between uptown and downtown. midtown Noun US & Canad the centre of a town at $133 psf and the West Side at $128 psf. Upper Manhattan Upper Manhattan denotes the more northerly region of the New York City Borough of Manhattan. Its southern boundary may be defined anywhere between 59th Street and 155th Street. posted the largest average asking rent psf increase compared to last year at 18%, followed by Downtown at nine percent. Overall, the average asking rent psf for all Manhattan retail space (ground floor and other space) was nearly unchanged from last year at $107 psf. |
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