Retail Sizzles at NYC along Madison Avenue, Bleecker Street – but invited to these tourist areas

Uptown Madison Avenue, Fifth Low Avenue and – Surprisingly – a fashionable stretch of Bleecker road are the hottest Manhattan blocks, according to a new discovery study of the second half of 2024 by the New Real Estate Board York.

The report shows the renovated rental energy driven by new fashion stores for the city, such as Boggi Milan in 527 Madison, which accounted for 20% of the last major deals.

But weakness continues in Midtown Avenue Avenue and Times Square and Herald Square.

The retail scene of the city is more difficult to follow than the office market.

Brokerage data is not entirely accurate, and often quotes vacancy rates than our eye tests. “Rates” can mean little when availability can refer to 1,000 square meters or 30,000.

But Rebny’s latest survey that includes the second half of 2024 is distributed with vacancies and, on the contrary, focuses on significant development in the main corridors. It gives us the most discovering look we have.

Rebny Research’s leader Keith Decoster report revealed that “multiple Tailwinds” pushed a second half rally to larger retail arrangements.

Some were for 80,000 square meters, starting with Ikea on Fifth Avenue, and ending with Burlington on Avenue Ladies Mile six.

Driver’s drivers were a strong job market, healthy tourism and “Back Moment in the Office”, Rebny found.

The report warned that the second part gathering does not necessarily mean an unexpected boom as many major agreements were in negotiations for some neighborhoods.

Despite the renewable question, “seeking rent in any corridor except the Bleecker road is at least 10% under its pre-landmark roof”, according to Rebbny.

Among the findings:

• Madison Avenue and Soho remain in question. Some availability attracted numerous offers from investors such as Blackstone, which bought four soho countries for $ 200 million.
• Almost all Madison Avenue store shops in Madison between the 60s and 76 roads are rented, including Giorgio Armani and Van Cleef & Arpels.
• Seven blocks of Bleecker Street in West Village, by Avenue Seventh on Hudson Street are ready for rent
• Timan Speyer announced that Rockefeller Center’s retail space was fully rented. A new Eataly cafe will open this year.
• The opening of the SL Green’s One Madison, the new IBM house, increased the eastern part of the Flathion district. All tower stores are rented, including Daniel Bulud’s Steakhouse.

• Times Square and Herald Square on the other hand “have fought to keep the moment of rent”. Most of the new deals were for fast food restaurants and small, tourist -oriented shops.
• Rent of 10,000 square legs of Brothers Brothers in Landmarked 195 Broadway is one of the biggest commitments of Fidi clothing over the years, but it remains to be seen if others will follow.