Can Upper East Side be the next trendy neighborhood in Manhattan?
Since the Second Avenue Subway construction began in 2007 along 63rd to 96th Street on the Upper East Side, both retail and residential rental rates have dropped 30 to 40 percent; thus, encouraging retailers to set up shop in the area.
Compared to 2007, the rental rates for retail spaces were close to $125 per square foot. According to Massey Knakal, an extremely diversified real estate company that exclusively handles developments on the New York metropolitan area, rental rates for retail spaces are now $80 per square food.
With such low rates, sources say that once the 63rd to 96th Street portion of the subway line opens up rents will rise 20 percent. At the moment, people are scared off by the construction. Nevertheless, high hopes are in-store for the Upper East Side to become the next trendy neighborhood, so retailers start shopping for spaces before they are all taken!
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