666 Fifth Ave Sale Illustrates Current Retail Condo Appeal
Crain's New York Business reports: Large-scale, up-scale, or global-scale retailers will do anything for a piece of Manhattan’s high-street retail corridors, even settling for a condo space. The most recent condo space to change hands was Spanish retailer Inditex’s record-setting acquisition of the space formerly occupied by the NBA Store at 666 Fifth Avenue. Inditex, which operates the trendy Zara brand of clothing, paid over $8,300 per-square-foot for the prime location.
Recently, Crain’s New York Business profiled other recent retail condo trades. The niche's outlook is decidedly positive, suggesting that prices in the nation’s leading cities will continue to march upwards as retailers clamor for high-quality space with supreme access to consumers. Other recent condo trades included a $4,000 per-square-foot space on Manhattan’s Union Square and two other $7,000 per-square-foot stores on Bleeker Street in Manhattan’s Greenwich Village.
The Crain’s article cited data aggregated by Real Capital Analytics (RCA) in stating that, “A dozen $2.5 million-plus deals were done through February, double the number in the year-earlier period. The total value of transactions in the first two months was $790 million, more than 11 times that of a year earlier.” It became clear late last year that momentum was building for such properties when RCA recorded 14 retail condo transactions in December alone, or about one-quarter of 2010’s total volume for the niche.
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Posted by: Nina Turner