January 12, 2017
Owners have already figured the new Second Avenue Subway into the rents they charge for retail spaces between 59th and 90th Streets, where asking rents now average $163 per square foot, according to the experts at Eastern Consolidated.
But there is still room for growth, especially as new pedestrian traffic picks up around the new stations. Retail rents average $787 per square foot on Madison Avenue, $291 on Lexington Avenue, and $286 on Third Avenue.
Apartment rents will also benefit. In October, the average rent on the Upper East Side was $2,569 for a one-bedroom unit in a non-doorman building, compared to $3,302 in Chelsea, according to MNS’ Manhattan Rental Market Report.
“Those units will become more desirable, which could result in higher rents for free market units and greater value for multifamily building owners,” according to Eastern Consolidated.