April 7, 2017
Even in Midtown Manhattan, home to some of the most expensive shopping districts in the world, retailers can find side streets and submarkets where the rents are much less expensive, according to “View from the Street,” a new report from Eastern Consolidated.
“While asking rents for retail space on major Manhattan corridors such as Fifth Avenue, Madison Avenue, East 57th Street, West 34th Street, and Times Square can range from $1,000 to $4,500 per square foot, our analysis shows that there are dozens of blocks in prime neighborhoods where our retail brokers are leasing spaces to entrepreneurial retailers for under $200 per square foot,” said Peter Hauspurg, chairman and CEO of Eastern Consolidated.
For example, retailers on West 34th Street pay rents as high as $1,100 per square foot. But on West 36th Street, just a few steps away, the rents per square foot top out at $125.
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