The Real Estate Board of New York issued an oddly upbeat appraisal today of the Manhattan retail market. According to REBNY, which based its report on analysis of data through Sept. 30, asking rents for retail space on Tribeca’s Hudson Street, in Herald Square, and on the Upper West Side increased since 2007.
“[T]he increases in asking rents in prime areas like TriBeCa, Herald Square and the Upper West Side, demonstrates that retailers still want to be in Manhattan,” REBNY President Steven Spinola said in a statement. “Despite the turmoil in the marketplace, asking prices for prime retail space in Manhattan’s most recognizable shopping areas have not been impacted. read more »