Manhattan Store Rents Up 26%, Double on 42nd Street
By Associated Press | December 13, 2007
The price of renting a storefront in midtown Manhattan is breaking records.
A survey by the Real Estate Board of New York trade group reports the rents on the Broadway shopping corridor between 42nd and 47th Streets more than doubled, to $797 a square foot.
On the city's famous Fifth Avenue corridor between 49th and 59th Streets, rents hit a new record of $1,250 a square foot.
Overall, the price of city retail space rose 26% on average to $133 a square foot, compared to last year.
Another pricey Manhattan neighborhood is Madison Avenue between 57th and 72nd Streets, with rents of over $1,100 a square foot.
