NYC’s 10 Most Valuable Retail Leases Of 2017
The retail market had a tough year in 2017. Case in point: The year’s priciest lease, Hyundai/Genesis’ $11 million deal in the Meatpacking District, was less than one-third as valuable as the most expensive deal from 2016. In 2017, there were no blockbuster deals on the expensive stretch of Fifth Avenue on par with Nike’s $35 million deal last year at 650 Fifth Avenue — or the Swatch Group’s $35 million lease at the St. Regis hotel the year before. Instead, 2017 saw just a small handful of deals crack the $10 million mark, with Sephora and Levi’s inking leases in Times Square. The overheated retail market, the Amazon effect and a wave of retail bankruptcies certainly had an impact on sentiment this year. But there are indications that there could be brighter days in 2018, as retail experts say they’ve seen an uptick in activity toward the end of the year as rents have corrected to levels where tenants are starting to return to the market. Read more at The Real Deal.
