By: Don Driggers

Manhattan’s retail scene is a diverse landscape that resists simple characterization. According to the Real Estate Board of New York (REBNY), there are fewer available storefronts compared to last year and rising rents, but overall conditions vary widely. Some areas like Soho and Upper Madison Avenue are booming, while others, such as Broadway on the Upper West Side, are plagued with vacant spaces.

The New York Post reported on this good news in NYC. Often good news is overshadowed by rioting Hamas supporters, migrant chaos and crime.

One often overlooked but thriving corridor is Fifth Avenue between East 14th and East 23rd Streets. Unlike its more famous Midtown counterpart, this stretch is experiencing a significant retail boom with new leases and expansions.

Newmark Vice-Chairman Ariel Schuster, a retail specialist with 20 years of experience, played a role in 80% of recent deals on Lower Fifth Avenue, either representing the tenant, the landlord, or both. Schuster highlighted the underappreciated success of this area, stating, “The majority of the world doesn’t realize how much leasing takes place on Lower Fifth Avenue. Some occupancy numbers there are better than in Soho. The architecture on Lower Fifth is such that there’s more room for big stores.”

Sales have always been strong on Lower Fifth Avenue, making it an attractive market for retailers. Schuster emphasized that this is not an emerging market but a well-established one. The availability rate is an impressively low 5%, although asking rents can reach up to $400 per square foot, reflecting the high demand and prime location.

The NY Post compiled the list of several high-profile retail deals have recently been signed on Lower Fifth Avenue, demonstrating its robust health:

• Aritzia, a women’s fashion line, is moving from 89 Fifth Ave. to a larger, three-level store at 115 Fifth Ave., covering 15,000 square feet. This is the largest of the new leases.
• Hoka, known for its midsole-cushioned shoes, signed a long-term lease at 172 Fifth Ave. after finding success with a test location at 142 Fifth Ave.
• Arc’teryx, a Finnish-owned brand selling outdoor clothing and equipment, relocated and expanded to 149 Fifth Ave. from its previous spot at 139 Fifth Ave.
• Madewell, a women’s casual sportswear chain, tripled its space at 156 Fifth Ave.
• Rothy’s, a brand known for trendy men’s and women’s shoes, is opening a new store at 134 Fifth Ave.
• Buck Mason recently opened its largest Manhattan store for menswear at 170 Fifth Ave.
• Vuori, an “athleisure” brand, is taking over the former All Saints location at 120 Fifth Ave., according to the Commercial Observer.

“All these transactions took place over the past 12 to 15 months in this one submarket,” Schuster noted, highlighting the rapid and concentrated growth in the area.

The success of Lower Fifth Avenue stands out as a beacon of retail health amid the mixed fortunes of Manhattan’s broader retail scene. With a variety of new and expanded stores, this stretch between East 14th and East 23rd Streets proves to be a dynamic and thriving retail destination. The diverse mix of high-profile tenants and the low availability rate underscore the area’s appeal.