REBNY, which studied 2,183 stores, shows rents up in the sixmonth period ended Sept. 30, 2002 in every market except LowerManhattan. The report attributes Downtown's ailing leasing activityto the continued after-effects of 2001's terrorist attacks. Inaddition, retail outlets on side streets and in secondary districtsof the city also are experiencing the on-going effects of therecession, REBNY states.

Steven Spinola, president of REBNY, notes that while strongretail rents are elevating building prices in core NYC areas,"vacancies are on the rise in secondary districts." Spinola saysthis is "another sign that any significant realty tax hike couldalso dim hopes for a near-term recovery in most of the city'sshopping districts."

The study, which examined 14.6 million square feet reported from17 different brokerage firms, also attests that the highest pricerange for asking rents is on Fifth Ave. between 48th and 59thStreets--where figures were ranged from $333 to $1,113 per sf.