retail Archives - 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 ...

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Madison Avenue retail buildings sell for record low price

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Three retail buildings on Madison Avenue have sold for a combined $45 million, a price that represents a new low for the posh shopping district.

The luxury retailer Akris will buy three properties at 831, 835 and 837 Madison Avenue between East 69th and 70th Streets for $45 million, according to the Wall Street Journal. The deal includes three ground-floor retail spaces, along with 15 residential units.

The deal came out to $1,340 per square foot, a significant decline ...

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