Things look rosier for Manhattan’s retail market than they have for a while — if you believe the stats, that is.
A new report just out from CBRE cites a bunch of upbeat metrics for the first quarter of 2023. But Realty Check’s eyes tell another story — not negating the findings, but adding nuance to the big picture.
Substantial if smaller deals included J.Crew’s 27,000 square-foot renewal at 91 Fifth Avenue; a new, 26,000 square-foot lease for Aqua Restaurant Group at 902 Broadway; and a new, 18,000 square-foot location for H&M at 591 Broadway.It depends on where you look. Specific locations are obviously of the essence. The CBRE stats don’t include midtown Sixth Avenue, for example.highly visible corners have stood vacantLVMH signed a new 43,500-sq.-ft.
Without referring directly to Sixth Avenue, he said that the lease-up process takes much longer than it did in the past, due to multiple layers of corporate approvals, among other things.Three highly visible corners have stood vacant for at least a year since prior tenants the NHL Store, Gap and Cafe Metro closed.Manhattan has much more high-quality retail space than it did 25 years ago, due to new development and storefront creation at older buildings that previously had none.
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