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The luxury retailer has signed a 14,000-SF, long-term lease at 680 Fifth Ave. and plans to open the store in 2023 following an office lobby-to-retail repositioning.
New construction is already trailing new deliveries in Manhattan with only 2.1 million square feet of new office development starts to-date since the beginning of last year.
Class A buildings cost $50 more per square foot in the fourth quarter of 2021 than 2019, while Class B buildings have only increased $6 per foot over that time.