Looking for your favorite luxury store on Madison Avenue? Walk farther north.
According to the Real Estate Board of New York, asking rents on Madison Avenue between 57th and 72nd Streets increased 24 percent this spring, to $1,643 from 1,325 one year earlier. Rents were up 19 percent since the fall of 2013, when they averaged $1,380 per square foot along that same stretch. Newer projects are asking $2,000 per square foot. And retailers are now moving north to between 79th to 86th streets, where rents are between $300 and $400 per square foot. One source said rents are running even higher in some spots — around $500 per square foot.Further uptown at 96th Street, rents are nearing $300 per square foot.
“Building owners in the low 80s are clearing out tenants and pushing the market rents up 20 to 25 percent,” Patrick Breslin, executive vice president of Studley Retail, told the New York Post...Luxury shops moving north up Madison Avenue
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2014 Q1 New York City Market Report