What does store (retail) space
go for in New York City?
Manhattan is the second priciest place to lease a store in the world, right after Hong Kong. The average store here
leases for $116.00 a square foot, but according to the 11/16/16 New York Post, retail space prices are going down...Landlords
should not worry too much, though, as with more than 54 million visitors to the city every year, retail here should continue
Summer 2017 retail pricing:
Prime Fifth Avenue: Average asking per square
foot $3,484 (RD 2017 DB). The top retail deal in 2015 was for Swatch, which paid $35 million per year for 14,700 square feet
on 54th and Fifth ($2,380 per square foot). The most expensive lease to date for 2016 is the Bulgari 730 Fith space, which
proportedly went for an astounding $5,500 per square foot....but there may have been build out concessions of up to $1,000
a square foot, as was purportedly done
for Coach (TTD 7/16).
Fifth Avenue between 42nd and 49th Street: $1,101 per square foot.
57th Street between Fifth
and Madison Avenues: $1,500.
Prime Broadway @ Times Square: $2,179 down from $2,363 (TRD 8/16)
Prime Madison Avenue: $1,644
Prime SoHo: Prime Broadway sites: $685 to $760 asking, down from over $1,200...
$200-$300 a square foot (average $308) / Prime Broadway average $390 (REBNY 2016 Retail Report).
$250-$800 a square foot, with the H & M space leasing in the fall of '13 for $1,200 a square foot. Prime 34th Street:
$836, down from $1,000 (CO 6/8/16)
Meatpacking: $345 a square foot (RD 2017 DB).
Side: Prime Columbus average $403 (NYP 11/16/16). Amsterdam and less bust areas should be closer to $100.
/ Broadway from Chambers to Battery Park: $369 (NYP 11/16/16).
Third Avenue 60th-72nd St.: $175-$300
a square foot.
Lexington Avenue 60th-96th Streets: $125 a square foot.
First-Second Avenues: $100-$200 a square
Court Street (Brooklyn): $200.00 a square foot (REW 1/13/16)
Harlem (West 125th Street):
$65-$279 a square foot (NYP 11/16/16).
In a 12/15 RD survey of 357 retail spaces south of 60th Street
in Manhattan, 69 were priced below $100 a square foot, so there is hope for start-ups, etc., if one is willing to go to the
Lower East Side or side streets...
Worldwide "top address" retail space pricing: Fifth Avenue from 49th Street to 60th Street : $3,000,
Hong Kong / Causeway Bay $2,878, Paris / Champs Elysees $1,368, London New Bond Street $1,283, Tokyo/ Ginza $1,249,
Milan / Via Montenapoleone $1,239 , Sydney / Pitt Street $968 (REW 11/30/16)
The average price for a New York retail condominium is $3,019 per square foot (meaning
the store space is purchased by the user and not rented...but one would still need to pay monthly expenses and taxes). A record
number was reported in January, 2016 for Chanel's 4,500 139 Spring Street space, which sold for an astounding $112 million,
which ends up being $24,888.00 a square foot (NYP, 1/19/16).
If you want to open a store here
in New York, let Longstreet know, and we can zero in on where you can do the most business at the lowest entry prices. There
are plenty of vacancies on every block, and now is the time to open shop.
59 East 54th
Street, New York, NY 10022 | Tel: 212-980-6285 email: WalterLDeane@aol.com