Madison Avenue Rent Plunges With Manhattan Retail Taking a Hit
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Retail rents on Madison Avenue are plunging as the pandemic hammers Manhattan’s most popular shopping districts.
The high-end shopping shopping corridor, home to luxury brands and swanky boutiques, saw a 17% decline in rent in the third quarter. At an average of $779 a square foot, the price is down 52% from the peak over the past five years, according to the brokerage Cushman & Wakefield.