Crain’s Highlights Strong Gains in Flatiron and NoMad Area
Crain’s has profiled the Flatrion area (just south of NoMad) and raved about the huge real estate gains that are happening. Stating that “demand for space along both Fifth Avenue and Broadway between West 14th and West 23rd streets is fueling a big run-up in store rents.”
According to Crain’s, “average asking rents on Broadway jumped 50% since last spring” and are soaring on 5th Avenue as well. As we recently mentioned, square foot prices on apartments in the NoMad area are rising as well.
The influx of business in NoMad and Midtown South in recent years has made the “Flatiron District ideal for retailers targeting foot traffic, growth potential, and value.” With fashion, restaurants, unique businesses and hotels; the NoMad area is starting to look like the center of NYC.