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Article: Madison Avenue retail corridor is expanding.(Brief Article)
- Article from:
- Real Estate Weekly
- Article date:
- November 17, 1999
- Author:
CopyrightCOPYRIGHT 1999 Hagedorn Publication. 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)
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For luxury brands seeking a recognized location to house their boutiques, a Madison Avenue location traditionally meant Madison Avenue north of 57th Street. The area above 57th Street became one of the world's preeminent flagship centers for international designers and retailers, where new trends and cutting-edge fashion were introduced to the U.S. market.
However, prime retail space on Madison Avenue north of 57th Street has become increasingly scarce, and rents throughout the area have reached record levels, bordering. on $600 per square-foot. But even at these rents, there are virtually no available blocks of showcase space to satisfy the increased demand by ...