MASSEY KNAKAL UES RETAIL REPORT
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|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.|