REBNY touts ‘sturdy’ Manhattan retail recovery — – Business News
The Real Estate Board of New York simply put out its first-quarter Manhattan retail report and, as is usually the case, its primary discovering — that “strong retail recovery continues” — is tough to argue with total.
Although not within the REBNY survey, luxurious jeweler David Yurman will launch a 22,000 square-foot flagship store at 685 Fifth Ave., as reported by WWD. That location is at the moment leased to Coach, which plans to maneuver to close by 645 Fifth later this yr.
Luxury jeweler David Yurman will reportedly launch a flagship store at 685 Fifth Ave. Google Maps
The strikes substantiate what Cushman & Wakefield’s Steven Soutendijk instructed us a few weeks in the past — that offers are pending for practically all the massive, at the moment darkish Fifth Avenue storefronts and can probably be introduced by yr’s finish. (Soutendijk isn’t concerned within the Yurman or Coach offers.)
Among the largely favorable trends within the REBNY survey:
Only one, tiny storefront is offered on the prime stretch of Bleecker Street between Seventh Avenue South and Hudson Street — driving retailers to close by options similar to West Street.
Fifth Avenue in Flatiron “emerged as a top choice for brands new to the city” — e.g., Canada’s Garage and Cozey took over the previous Club Monaco at 160 Fifth.
Madison Avenue north of East 57th Street is so well-liked with Italian fashion manufacturers, there’s nearly no places left for them. So they’re opening on close by aspect streets, like Milan-based LDJ (La DoubleJ) filling a complete townhouse at 18 E. 69th St.
Herald Square average asking rents rose from $383 within the second half of 2025 to $412 at the moment, reflecting higher demand by bigger shops similar to a 40,000 square-foot TJ Maxx at Herald Towers, as we first reported.
Times Square continues to attract non-entertainment used similar to Nan Xiang Dumplings in your entire former TGI Fridays at 147 W. forty sixth St.
At the identical time, the survey’s limitations are clear to anybody out for a stroll. One cause is that whereas REBNY’s “corridor trends” omit well-trafficked avenues similar to Midtown Sixth Avenue.
Certain giant, high-visibility storefronts there have stood vacant for years, regardless that their landlords are tapped some of town’s strongest retail brokers to search out tenants — similar to the previous Gap space 1212 Sixth Ave. between West forty seventh and West forty eighth streets.
Nor does the REBNY survey embrace Fifth Avenue between East thirty fourth and East forty second Street. Forgive our skepticism over a supposed retail-leasing recovery when, for instance, practically the entire east blockfront between thirty eighth and thirty ninth streets is vacant — proper throughout from the Amazon-owned former Lord & Taylor store and just-opened food court docket Shaver Hall.
