Shopping Centers Today

DEC 2018

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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76 S C T / D E C E M B E R 2 0 1 8 S I T E S & C I T I E S Manhattan asking rental rates ( IN ANNUAL GROSS ASKING RENT PER SQUARE FOOT) Source: Cushman & Wakefield • In the first half of 2018, New York City's investment sales market showed signs of improvement from a slow second half of 2017, according to the-Real Estate Board of New York. The total citywide consider- ation (monetary value for all record- ed sales) was $21.6 billion, a 20 per- cent increase from the $18 billion of the first half of 2017. Dollar consid- eration increased year over year in Manhattan, Brooklyn and Queens, while it dipped modestly in the Bronx and Staten Island. "Following two consecutive years of decline in citywide investment sales consider- ation, overall consideration has increased," said-John H. Banks, REBNY's president, in a press release. "Investors are making commitments to smart, long-term assets and stok- ing activity within various property categories." Retail property sales totaled nearly $2 billion in the first half of 2018, up 43 percent from $1.4 billion year-over-year. • JFK International Airport has plans to add about 301,000 square feet of new retail space across two new terminals. The ground-breaking is set for 2020, and the facilities are slated for completion-by 2025. Developed by-Terminal One Group, which comprises Lufthansa, Air France, Japan Airlines and Korean Air, the $13 billion terminal will add 15 mil- lion in annual passenger capacity to what is already the busiest airport in the U.S. for international traffic. NEW YORK Fifth Avenue (42ND–49TH STREETS) $1,006 SoHo $417 Madison Avenue (EAST 57TH–EAST 72ND STREETS) $1,226 Third Avenue (EAST 57TH–EAST 79TH STREETS) $239 Herald Square⁄ West 34th Street $621 Lower Manhattan $363 Meatpacking $356 Upper West Side $334 Times Square $1,995 FlatIron $437 Fifth Avenue (49TH–60TH STREETS) $2,668 JFK International Airport

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