even more for the Meatpacking - Rava Realty

even more for the Meatpacking

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More chain stores may be on the way to the Meatpacking District — already home to Patagonia and Lululemon outlets. With an average asking rent of $183 per square foot in the Village and MPD in the first quarter of 2013 — up 11% from $165 at the beginning of 2012 — commercial rental costs could triple when the new Whitney Museum of American Art opens in 2015. According to experts, retail rents could soar to $500 -600 per square foot. As a result, smaller businesses may find themselves priced out, and MPD, besides restaurants and clubs, may find more national retailers coming to the area as landlords demand higher prices.

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