Luxury Condo Sales and Retail Spaces in NYC

New York City has had many successful new condo developments recently. Condos have been continuously selling for millions of dollars, and some of them are all sold out, yet retails spaces at the bottom of these luxury towers have remained vacant for long.

We are seeing a recovery in a retail market recently, which seems to continuously improve.  Although residential and commercial office and loft activity is strong throughout the city you can not say the same about retails rentals and sales. Prime areas of New York City such as Times Square, Fifth Avenue, Soho are still very desirable markets. Unless it is a prime corridor retailers are not interested renting.

Many retailers have taken a wait and see approach and their confidence has dropped significantly from where it was just a year ago, they are concerned about a still possible double dip. Another reason retailers are on the fence is the lack of concessions offered by landlords.  If we look back just 2 years ago, landlords were willing to offer more incentives.

Now that the holidays are here and we are all hopeful that retailers will see strong  sales to rebuild their confidence back. We are hoping 2012 will be a strong year for them not only in NYC but across the country as a whole.