The retail environment on Third Avenue north of Bloomingdale's is improving, with availability decreasing from 25.9% to 8.4%. Asking rents vary significantly, averaging $246 per square foot. Despite lacking the prestige of Madison Avenue, Third Avenue reflects the economic stability of its middle-class neighborhood. It continues to attract quality tenants, with recent openings like Brandy Melville indicating a return to product-focused retail. Other notable newcomers include Blinds to Go and Whole Foods Daily Shop, replacing less successful ventures and contributing to the area’s revitalization.
The retail scene on Third Avenue north of Bloomingdale's shows signs of improvement, with availability dropping from 25.9% to 8.4%, a significant indicator of recovery in the area.
Asking rents along Third Avenue range from $150 to $400 per square foot, with an average asking price of $246 per square foot, reflecting rising demand.
Third Avenue may lack the prestige of Madison Avenue, but it serves as a barometer of the economic health of a stable middle-class neighborhood, attracting high-quality tenants.
Recent openings include Brandy Melville and Blinds to Go, signaling a shift back to retailers that sell products, as opposed to recent trends favoring wellness and clinic businesses.
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