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Lower Fifth Avenue retail scene thriving after several high-profile deals

Manhattan’s retail industry is too complex to generalize. The New York State Real Estate Commission reports fewer stores are available and rents are higher than last year, but overall the situation is across the board.

For example, Soho and Upper Madison Avenue are strong, while Broadway on the Upper West Side resembles a wasteland of vacant land.

One hallway that is in very good condition is often overlooked. It’s on his Fifth Avenue, between East 14th Street and East 23rd Street, but it doesn’t have the world-wide name recognition that the one in Midtown does.

The neighborhood is thriving with new leases and expansion. Newmark Vice Chairman Ariel Schuster has been a retail specialist for 20 years and has represented tenants, landlords, or both in 80% of recent transactions.


Arc’teryx, which sells outdoor clothing and equipment, has relocated and expanded from 139 Fifth Ave. to 149 Fifth Ave. NurPhoto (from Getty Images)

“The majority of the world doesn’t realize how much rentals are happening on Lower Fifth Avenue,” he said.

“Several [occupancy] The numbers are better than Soho. “The architecture of Lower Fifth is such that there is more room to build larger stores.

“What tenants care about most is sales, and Lower Fifth sales have always been strong. This is not an emerging market,” Schuster laughed.


Arizia
Aritzia, a women’s fashion line, will move from 89 Fifth Avenue to a larger three-story store at 115 Fifth Avenue. Getty Images

He said the vacancy rate is only 5%, but asking rents (which can reach $400 per square foot) “vary quite a bit.”

Recent notable retail deals at Lower Fifth include:

  • Women’s fashion line Aritzia will move from 89 Fifth Avenue to a larger three-story store at 115 Fifth Avenue. At 15,000 square feet, it will be the largest of the new rental properties.
  • Hoka, a specialist in midsole-cushioned shoes, has signed a long-term lease at 172 Fifth Avenue after its 142nd Street test venue performed well.
  • Arc’teryx, a Finnish company that sells outdoor clothing and equipment, has moved and expanded from 139 Fifth Ave. to 149 Fifth Ave.
  • Madewell, the women’s casual sportswear chain, has tripled its footprint at 156 Fifth Avenue.
  • Rothy’s, which sells trendy men’s and women’s shoes, is opening a new location at 134 Fifth Avenue.
  • Buck Mason has just opened Manhattan’s largest menswear collection store at 170 Fifth Avenue.
  • “Athleisure” brand Vuori will move into the former All Saints location at 120 Fifth Avenue. The Commercial Observer reported.

“All of these transactions took place over the past 12 to 15 months in this one submarket,” Schuster said.

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