Friday, March 31, 2006

WHOA!!! That is some high rent.
.... Read on below ......
Retail Rents Hit New Record in ManhattanManhattan's retail rents are soaring higher than ever with a new record asking price of $1200/square-foot at one prime spot on Madison Ave. The wraparound street frontage on the prime corner at 600 Madison Ave. and 58th St. is makes the property so pricey. Asking rents in the area already range between $700 and $1000/sf. But getting more than $1000 would be brand new territory. Newmark Knight Frank Retail is representing Lawrence Rubin Co. in the lease deal for 600 Madison. At $1,200 per sf for about 12,000 sf of ground floor space, the annual rent would total almost $15 million per year.

No comments: