Tuesday, November 5, 2019

NYC’s Fifth Avenue Sees Steep Rent Decline as Tenants Struggle

NREI
A few blocks makes all the difference when it comes to rent on Manhattan’s Fifth Avenue.

Lower Fifth Avenue, an area between 42nd and 49th streets, saw the biggest asking rent decline among Manhattan’s prominent retail corridors in the third quarter, falling 25% from the same period last year, according to a report by Jones Lang LaSalle Inc. In contrast, rents along upper Fifth Avenue, a swanky shopping district that runs from 49th Street north to Central Park, slipped just 0.7% over the same period.. . . more