|
|
Article: Retail rents rise on strip of Ninth Ave.(NEWS)
- Article from:
- Crain's New York Business
- Article date:
- October 5, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: Adrianne Pasquarelli
Rents on retail space may be falling in most areas, but not all. In fact, the cost of a storefront along Ninth Avenue in the West 50s continues to rise, according to Square Foot Realty broker Aaron Gavios.
Mr. Gavios recently negotiated a 10-year lease with ice cream and doughnut shop The Holey Cream for 450 square feet at 796 Ninth Ave., between West 52nd and West 53rd streets, at an asking rent of $187 a square foot. Average taking rents on the strip have risen to near $180 today from $130 a square foot two years ago as the area has ...