Third Avenue retail scene on upswing – Business News
The retail scene on Third Avenue north of Bloomingdale’s seems to be on the upswing, which spells excellent news for Upper East Siders and for the Manhattan store-leasing scene normally.
Availability as high as 25.9% between 59th and 79th streets on the finish of 2020 has step by step dipped to eight.4%, in response to 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 average ask is $246 per sq. ft.
Bloomingdale’s at 1000 Third Ave. Google Maps
Although the mile-long Third Avenue hall enjoys none of the status of Madison Avenue, it’s significant as a barometer of the financial health of one of Manhattan’s most secure 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 retailers to “wellness” tenants and even to walk-in pet clinics.
Most are nonetheless there, and more are coming, however there’s a renewed trend of leases to companies that really sell merchandise.
The subsequent main arrival, we’re advised will probably be Brandy Melville at 1172 Third Ave., between East 68th and 69th streets. The long-dark web site was most lately home to CVS and a few pop-ups.
Blinds to Go devoured up half of the retail space at 1011 Third between East sixtieth and 61st streets.
Whole Foods Daily Shop took over most of the space that was beforehand Food Emporium.
Workshoppe, a four-level fitness membership, is coming to 1120 Third Ave. Steve Cuozzo
A new outpost of widespread Italian trattoria Felice is changing a diner-cafe in Trump Plaza at East sixty fourth Street.
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.
But 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.
