Manhattan Retail Real Estate Prices Jump 26%

The shopping corridor on Broadway between 42nd and 47th streets had the single largest percentage increase, surging 107% to $797 a square foot of ground floor space. The Times Square shopping area also experienced more than a doubling of its rental fees. The vice president of real estate advisory firm Lansco, Robin Abrams, said that one of the main causes of the rise in prices is the eagerness of European retailers — particularly high-end jewelry and clothing stores — to increase the exposure of their brands by relocating to New York city's high-profile shopping districts.