The retail scene on Third Avenue north of Bloomingdale’s seems to be on the upswing, which spells excellent news for Higher East Siders and for the Manhattan store-leasing scene generally.
Availability as excessive as 25.9% between 59th and 79th streets on the finish of 2020 has progressively dipped to eight.4%, in keeping with Cushman & Wakefield leasing powerhouse Steven Soutendijk. “That is s very low, and almost all of that available space is around Bloomingdale’s, like the Home Depot space,” he mentioned.
Asking rents vary from $150 per sq. foot to $400, Soutendijk mentioned, however the common ask is $246 per sq. toes.
Though the mile-long Third Avenue hall enjoys not one of the status of Madison Avenue, it’s significant as a barometer of the financial well being of one in every of Manhattan’s most steady middle-class neighborhoods. “Its consistency and strong demographic base continue to attract high-quality tenants,” mentioned Meridian’s James Famularo.
Three years in the past we famous that Third Avenue had misplaced many sportswear outlets to “wellness” tenants and even to walk-in pet clinics.
Most are nonetheless there, and extra are coming, however there’s a renewed pattern of leases to companies that truly promote merchandise.
The following main arrival, we’re advised will likely be Brandy Melville at 1172 Third Ave., between East 68th and 69th streets. The long-dark website was most just lately dwelling to CVS and some pop-ups.
Blinds to Go devoured up half of the retail house at 1011 Third between East sixtieth and 61st streets.
Entire Meals Every day Store took over a lot of the house that was beforehand Meals Emporium.
A brand new outpost of standard Italian trattoria Felice is changing a diner-cafe in Trump Plaza at East sixty fourth Road.
Some high-priced venues throughout from Bloomingdale’s stay darkish, such because the never-leased retail nook on the Harry Macklowe-developed 200 E. 59th St. and the previous Ikea Studio at 999 Third Ave.
However north of them, “Small space in the high 60s and 70s gets leased very quickly and it is a very diverse mix of traditional apparel, groceries, restaurants and services,” Soutendijk mentioned.
