Contact Us
Slideshow

Manhattan's Top 10 Priciest Retail Districts

    Manhattan's Top 10 Priciest Retail Districts

    Over the last five years, asking rents on posh retail space in Manhattan have skyrocked. Here's a peak at the borough's 10 priciest retail districts in Q4, according to Cushman & Wakefield.

    1 of 11

    10. Third Ave.

    10. Third Ave.

    Ground-floor Asking Rent: $298

    Growth, Last Five Years: 27%

    Anchor Tenant: Bloomingdale's has its 860k SF flagship store at 1000 Third Ave, between 59th and 60th streets. 

     

    2 of 11

    9. Meatpacking

    9. Meatpacking

    Ground Floor Asking Rent: $365

    Growth in Asking Rent, 2014 year-over-year: 1.7%

    Anchor Tenant: The Apple Store at 401 W 14th St. 

    Recent Big Deal: In January, it came out that TIAA-CREF is in contract to buy 837 Washington St for upwards of $200M, which would be a neighborhood record. The ground-floor retail was reportedly selling for around $450/SF.  

    3 of 11

    8. Upper West Side

    8. Upper West Side

    Ground Floor Asking Rent: $397

    Growth in Asking Rent, Last Five Years: 33.2%

    Growth in Asking Rent, 2014 year-over-year: 9.7%

    Anchor Tenant: While technically only half on the UWS (59th Street would bisect the building if it went straight through), the 325k SF of retail at Time Warner Center helped set a swankier tone in retail for blocks in all directions when it opened in 2007, as shown by the opening of a yet another Apple Store at 67th and Broadway, three years later. 

    4 of 11

    7. Flatiron District

    7. Flatiron District

    Ground Floor Asking Rent: $417

    Growth in Asking Rent, 2014 year-over-year: 8.9%

    Big Tenant: Bed Bath & Beyond is the biggest tenant in RXR's 760k SF 620 Sixth Ave. 

     

    5 of 11

    6. Soho

    6. Soho

    Ground Floor Asking Rent: $517/SF

    Growth in Asking Rent, Last Five Years: 100%

    Growth in Asking Rent, 2014 year-over-year: 7.7%

    Big Stuff Afoot: 529 Broadway is being marketed as a 50k SF flagship retail space. Aurora Capital, Thor Equities and Wharton Properties teamed up to buy the building for $148M in 2012.

    6 of 11

    5. Herald Square/W. 34th Street

    5. Herald Square/W. 34th Street

    Ground Floor Asking Rent: $823

    Anchor Tenant: None other than "the world's largest store." Macy's 2.2M SF flagship store is that rare retail space that sets the tone for all others in the area.

    Recent Big Deal: It came out last month that H&M will leave its 60k SF flagship store at 2 Herald Square in favor of new digs at Herald Center, just across the street. The move's expected to be complete by mid-2016. 

     

    7 of 11

    4. Fifth Ave. (42nd - 49th Sts.)

    4. Fifth Ave. (42nd - 49th Sts.)

    Ground Floor Asking Rent: $1,208/SF

    Growth in Asking Rent, Last Five Years: 125%

    Growth in Asking Rent, 2014 year-over-year: 11%

    Big things happening: Late last year it was reported that Thor Equities, which owns the site for 520 Fifth Ave., is applying for permits to build a 71-story hotel/condo tower there with a no-doubt pricey retail component.

    8 of 11

    3. Madison Ave.

    3. Madison Ave.

    Ground Floor Asking Rent: $1,602/SF

    Growth in Asking Rent, Last Five Years: 92%

    Growth in Asking Rent, 2014 year-over-year: 18%

    Recent Big Deal: In February, the Sapir Organization and ASRR Capital teamed up with a Turkish conglomerate called the Suzer Group and paid $18.5M for the townhouse at 218 Madison Ave., at 36th Street. The plan is to tear the house down and put up a 10-story residential tower with a retail component.

    9 of 11

    2. Times Sq.

    2. Times Sq.

    Ground Floor Asking Rent: $2507

    Growth in Asking Rent, Last Five Years: 311%

    Growth in Asking Rent, 2014 year-over-year: 13%

    Blame The Tourists: Since the area's rebirth began in the mid-'90s, tourism has roughly doubled to around 40 milllion visitors a year. Pedestrian-friendly improvements that started in 2009 have helped increase foot traffic from 350,000 to 480,000 a day. With retail rents climbing like they have been, the last item on this list has some real competition for the city's retail crown. 

    10 of 11

    1. Fifth Ave. (49th -- 60th Sts.)

    1. Fifth Ave. (49th -- 60th Sts.)

    Ground Floor Asking Rent: $3,118/SF

    Growth in Asking Rent, Last Five Years: 56%

    Growth in Asking Rent, 2014 year-over-year: 24%

    Recent Big Deal: Anbang, the Chinese insurance company that paid almost $2B for the Waldorf Astoria earlier this year, is reportedly in talks to buy the 26-story, 250k SF office tower at 717 Fifth Ave from the Blacstone Group for a price that will likely exceed $1B. The 110k SF of cream-of-the-crop retail space in the building won't be part of the deal.  

Related Topics: Slideshows