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Real Estate Reports Showed Surge in Retail Rents |
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Written by Mabelle
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Friday, 28 April 2006 |
Real Estate Board of New York released a report saying that rental prices in the major retail loacations in Manhattan surged to record high for the past 12 months.
The gorund floor on the 15 block betwen the 57th and the 72nd streets on Madison Avenue increased by 35% and now has an average of $902 per square foot. That set the record for the city.
On the other hot spots like Fifth Avenue between 49th and 59th streets and the block between 5th and Park avenues along the 57th street, there was a surge of $844 per square foot. The rents on the areas went up to $56.2% and $834 per square foot.
by Anatoly Cordova |
