Retail Report

Fifth Avenue Retail Asking Rents Pass $3K

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Average asking rent for the Fifth Avenue retail corridor has crossed over $3,000 per square foot, the highest in New York City, according to CBRE’s second quarter Manhattan retail report. The increase represents the first time a Manhattan retail corridor has registered average asking rent north of $3,000.

“There was a time when $600 per square foot was considered outrageous on Fifth Avenue,” Richard Hodos, executive vice president of the CBRE Retail Group, told The Commercial Observer. “Putting inflation aside, it speaks to the fact that New York is a world class city.” Read More

Sales Beat

Sale of 425 Lexington Tops $664 M.

425 Lex (Credit: Hines)

A group of institutional investors advised by JPMorgan Asset Management has closed on its purchase of 425 Lexington Avenue for more than $664 million, city records show.

The 31-story office tower was auctioned off by the international real estate investment firm Hines, which put the 27-story office building at 499 Park Avenue up for sale Read More

The Plan

Check Out Available Space at the General Motors Building

CO Page 34 - The Plan

The 50-story General Motors Building at 767 Fifth Avenue is among the most sought-after properties in New York. It’s the rare building that takes up an entire city block, situated across from the Plaza and Central Park and bounded by Fifth and Madison Avenues, in one of the top shopping districts on the planet.

Cushman & Wakefield is currently marketing a 6,514-square-foot ground-floor retail space that was made available when CBS moved its morning show’s studio to Hell’s Kitchen last summer. Prospective tenants can count on blockbuster neighbors like the Apple Store and, also in 767 Fifth Avenue, FAO Schwarz to reel customers in to a tall, airy space.

C&W Senior Director Steven Soutendijk reviewed the plan with The Commercial Observer and discussed, what exactly, the space has to offer. Read More