Sales of Manhattan Retail Space Bounce Back

Law360, New York (December 3, 2013, 6:52 PM EST) -- Manhattan retail deals have accelerated throughout 2013, adding $455 million in third quarter sales, real estate consultant Eastern Consolidated said in its December report.

The volume is triple the slow first quarter and might have the momentum to take the city into $1 billion in sales in 2013. Average rents are set to rise everywhere in New York City, the report found. Fifth Avenue rents broke $3,000 per square foot earlier this summer, according to consultant CBRE. Manhattan is second only to Hong Kong in rental value...
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