Gotham Food on Columbus between 72nd and 73rd closed last year after 44 years.
Rents are too damn high everywhere, and it looks like high asking rents are contributing to a slew of retail vacancies on Columbus Avenue, which has generally had few vacancies in recent years. The Columbus Avenue Business Improvement District, which represents the area from 67th to 82nd and bragged three years ago about having zero vacancies, now shows 14 vacancies. The vacancies include the spaces housing Clarins on 71st and Think Closet on 75th. Here’s the full list and map (pdf).
The Commercial Observer took a close look at the Columbus Avenue market and found that some brokers think landlords need to temper their expectations a bit. Rents have gone through the roof.
While some folks say they see Upper West Side taking rents leveling off now, ground-floor asking rents between West 66th and West 79th Streets along Columbus Avenue rose 24 percent to $447 per square foot in spring 2015 from the same period a year earlier, according to the spring 2015 Real Estate Board of New York retail report.
Some brokers think landlords need to temper their expectations a bit.
He added that landlords are reading in the media about retail spaces going for exorbitant prices and thinking they can ask for more rent than is reasonable in their areas.
“Columbus Avenue has no billboards,” Mr. Evans said. “They are real stores. Rents have gone through the roof in a few specialized locations, and it has nothing to do with real commerce. And that hurts.”