The Reel

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A blog for breaking sales and neighborhood real estate news.

By: Brendan Gotch

Recent data released by Massey Knakal reveals a surging market in the retail sector of the East Village. The report shows a closing gap between the neighborhoods of the East Village and its more traditionally affluent counterpart the West Village. Asking rents per square foot for the West Village have historically been higher than those of the East Village, however, over the last two years asking rents for the East Village have increased from 71% of those in the West Village in the first half of 2012, to 84% in the first half of 2014. Looking at the data from a growth perspective reveals that the East Village’s asking rates have increased about 14% over the same period. A remarkable progression over a two-year span that indicates the East Village renaissance is well underway.

One of the drivers of this change is the emerging presence of a robust office market of Astor Place. This market includes the new building at 51 Astor Place by Minskoff Equities, which has brought the office space in the immediate vicinity to nearly 1.5 million square feet. This market has attracted a notable tenant list that already includes Facebook, IBM, J. Crew and 1st Dibs.

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Neighborhoods: East Village