Category : Retail

Five new pricing records were set in the first quarter of 2014, including a nearly $31,000 psf deal that set the highest price per foot ever achieved in New York City. Speaking at Massey Knakal's First Quarter market briefing yesterday (Tuesday) partner James Nelson predicted more big numbers as eager buyers become increasingly bullish on Big Apple retail. “There’s a massive, massive uptick in pricing,ˮ said Massey Knakal partner, James Nelson. “Could there be a retail space that sells for $50,000 psf? It is entirely possible.ˮ Price per square foot in Manhattan shot up 25 percent from last year, from $1,051 to $1,315 in 1Q 2014. In the outer markets the price psf increased eight percent, from $258 to $279. Price per buildable square foot went up nine percent, from $193 to $209.

CBRE Group, Inc. released its Manhattan Retail MarketView report for the fourth quarter of 2013, highlighting the new retail developments that are spurring Downtown as a tourist and shopping destination. “A huge retail magnet for foreign and local shoppers is being created Downtown from Brookfield Place on the west side, eastward to the World Trade Center, Fulton Street Transit station and to the Howard Hughes seaport project on the East River,” said Annette Healey, executive vice president, CBRE Retail Group. “From luxury retailers to extensive and varied dining and marketplace concepts, these massive new developments will all come online over the next several years bringing more than 1.1 million square feet of retail space to Downtown.”