Manhattan’s retail loss is outer boroughs’ gain - Rava Realty

Manhattan’s retail loss is outer boroughs’ gain

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Manhattan retailers are still waiting for the return of tourists to 5th Avenue and employees to Midtown offices, but some retail corridors outside of the central business district have seen metrics return almost to where they were before the pandemic.

Vacancies and rents in the Bronx’s main retail area, Fordham Road, are near normal, the New York Times reported. The vacancy rate is 3 percent, according to the Fordham Road Business Improvement District.

Meanwhile, in Brooklyn, new residential development has aided projects such as City Point where nearby residents have frequented Trader Joe’s and Target.

In Queens, about 1,000 of 6,000 restaurants have closed. But consumer interest in shopping, restaurants and food on Main Street has risen 16 percent since the pandemic, according to Yelp.

Staten Island is also seeing retail come back to life. Foot traffic jumped 20 percent between February and March and parking increased 140 percent.

(source: therealdeal.com)

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