Retail Developments on Third Avenue Near Bloomingdale

The retail atmosphere along Third Avenue north of Bloomingdale seems to be improving significantly.

Steven Soutendijk, from Cushman & Wakefield, points out that the availability rate, which stood at 25.9% between 59th and 79th Avenues at the end of 2020, has gradually dropped to about 8.4%. He comments, “That’s quite low. Most of the available spaces are around Bloomingdale, like the one where Home Depot is.”

When it comes to rent, Soutendijk mentions a range spanning from $140 to $400 per square foot, with an average of around $246. That’s, well—quite an investment for many.

While Third Avenue may not have the same reputation as Madison Avenue, it serves as a solid indicator of economic health in one of Manhattan’s steadier middle-class neighborhoods. James Famara from Meridian observes, “The area’s consistency and solid demographic background continue to draw in quality tenants.”

Three years back, Third Avenue experienced an exodus of sportswear shops, replaced by wellness-focused businesses and even walk-in pet clinics. It’s interesting, though, despite that shift, many familiar faces remain, and more are on the way. There’s definitely a noticeable trend towards leasing spaces to businesses that actively sell their products.

The newest notable arrival slated for the area is Brandy Melville, which will be located at 1172 Third Ave., between East 68th and 69th Avenues. This site formerly housed a CVS along with some temporary shops.

Interestingly, at 1011’s Third Avenue, a significant portion of retail space has been taken over. Whole Foods Daily Shop has moved in, replacing what used to be a food emporium.

Workshoppe, a four-level fitness club, has set up shop at 1120 Third Ave., marking a fresh addition to the street’s offerings.

On the other hand, the new front for the beloved Italian eatery Trattoria Felice is set to replace Diner-Cafe at Trump Plaza, located on East 64th Street. Meanwhile, some pricey venues near Bloomingdale remain unoccupied, like the corner retail space at 200 E. 59th St. and the old IKEA studio at 999 Third Ave.

However, in the northern section, Soutendijk notes, “The prime spaces on the 60s and 70s have been leased quickly and now feature a diverse mix of traditional apparel, groceries, restaurants, and services.” It seems things are really changing in this bustling area.