Retail Space for Lease and Rent in Manhattan and NYC
Find the perfect Retail Space for Rent in NYC with Metro Manhattan! As of 2021, a large surplus of retail space is available in Manhattan. Leasing a retail space in NYC today means being able to negotiate exceptional long-term savings and enjoy greater profitability once business in Manhattan returns back to normal. Historically, renting retail space in Manhattan has always been very expensive, this situation has changed for the first time in decades.
For over 17 years, Metro Manhattan Office Space has successfully negotiated many hundreds of leases for office space in New York City. Make use of our knowledge of the available listings, landlords and buildings, and take advantage of record low square footage costs in 2021 by securing a highly favorable long-term lease to reduce your business’s long-term real estate costs. Browse our listings or call us for access to thousands of properties not currently listed on our site: (212) 444-2241
Where Can You Find the Best Value for Renting Retail Space in NYC?
Gold Coast/Upper East Side:
The Upper East Side is among the wealthiest neighborhoods in the United States. Among the most desirable retail locations in the world are located between Fifth Avenue and Madison Avenue in the 60s, 70s and 80s. For the first time in decades, retail space in this area is now affordable and your business can join such high end retailers as Apple, J Crew and Chanel.
Retail locations in SoHo and particularly on Broadway enjoy some of the most foot traffic in New York City. SoHo’s shopping District runs from Houston Street to Canal Street and between Broadway and Avenue of the Americas. Prestigious retailers such as Sephora, Lacoste, Zara, Timberland and Bloomingdales have a presence.
Billionaire’s Row (57th Street):
57th Street has perhaps the most expensive and luxurious high rise condominiums in the United States. Several ultra tall residential development projects such as 425 Park Avenue, 111 West 57th Street and 225 West 57th Street have transformed 57th Street in the last decade. These super-tall condominium towers contain apartments that sell for tens of millions of dollars. As a result, 57th Street has some of the wealthiest consumers in New York City. The recent drop in retail rents have now made 57th Street affordable.
Prime Locations for NYC Retail Space
Leasing costs for retail spaces depend strictly on location. Manhattan retail rental rates vary from $100 per square foot all the way up to $1000. The higher end of that range is mainly reserved for ground floor space along the ”Gold Coast” located from 50th Street up to 62nd Street, and from Madison to Fifth Avenue. Rents in this highly desirable area reflect its prestige. Chic retailers such as Cartier, Barneys, Hermes, Bergdorf Goodman, Fortunoff and Dolce and Gabbana have stores on the Gold Coast.
Manhattan Retail Space Leasing Considerations
Manhattan retail or store space generally has very low loss factors (usable vs. rentable space), which generally range from 3-10%. Manhattan retail space is generally leased in “as is” condition with no landlord work (buildouts), but landlords may consider offering free rent for several months in lieu of construction. The tenant can use that time to customize their space to fit their needs.
Common Tenant Considerations for Retail Space
- Ease of access for customers
- Proximity to public transportation
- Street visibility and visual appeal
- Sufficient interior space and storage areas
- Neighboring tenants
- Flexible leasing terms
- Overall leasing costs
- Health Care & Medical
- Personal Finance Services
- Spa & Therapy Venues
- Tech Shops
- Garment Shops
- Art Galleries
Current Average Retail Space Leasing Costs in Manhattan
(Updated November 2021)
SoHo: $150 to $900 per square foot
Madison Avenue: $100 to $1000 per square foot
Midtown East: $100 to $700 per square foot
Ready to get help?
Talking to us will give you new insights. Our goal is to facilitate your search for a new space while protecting your interests and saving you money. Call us at (212) 444-2241 and benefit from our 17 years of specialized commercial real estate experience in Manhattan.
Frequently Asked Questions
How much does it cost to lease a storefront in Manhattan and NYC?
It costs as little as $3,000 a month to lease a store front in Manhattan in areas like SoHo, Chelsea or the Garment District. Before 2021, storefront space on Fifth Avenue, Madison Avenue or Park Avenue, cost as much as $4,000 per square foot for a ground-floor space with street frontage.
How much does it cost to lease a restaurant in Manhattan and NYC?
Leasing a restaurant in Manhattan can cost as little as $5,000 a month.
What are some of the best neighborhoods for leasing a storefront in Manhattan and NYC?
Gold Coast/Upper East Side is among the wealthiest neighborhoods in the United States and represents one of the most desirable retail locations in the world, particularly between Fifth Avenue and Madison Avenue. Retail locations in SoHo and particularly on Broadway enjoy some of the most foot traffic in New York City. In Billionaire’s Row, 57th Street has perhaps the most expensive and luxurious high rise condominiums in the United States, as a result it has some of the wealthiest consumers in New York City. The recent drop in retail rents have now made 57th Street more affordable.
Does Loss Factor apply to Retail Space in Manhattan and NYC?
Manhattan retail or store space generally has very low loss factors (usable vs. rentable space), which generally range from 3-10%.