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MASSEY KNAKAL UES RETAIL REPORT

MASSEY KNAKAL UES RETAIL REPORT
Jill Lovatt
New Yorkers are eternally optimistic about the economy. Massey Knakal retail broker Jill Lovatt reports a 9% gain over 2011 for clothing and accessories sales. People are spending, she says, and retailers are expanding or renewing. The current UES hot spot: Third Avenue (and, if you want to go a little cheaper, First Avenue). Madison Avenue rents average $2,500/SF near 57th Street (with interest from European retailers; she gets a call from France once a day). Around 86th, the rents are just shy of $300/SF. Notice it gets hotter as you go lower. Subway construction makes Second Avenue the future opportunity. The work has caused a temporary 25% vacancy rate in the area, even at reduced rents, but count on rents and occupancy to skyrocket at completion in 2017. For more info on our sponsor, click here.
Related Topics: First Avenue, Jill Lovatt