| Posted: | 30/Apr/2008 23:20:00 |
| Author: | Gromco |
Retail rents have been going up on the Lower East Side as the neighborhood gentrifies, writes Claire Wilson (NYTimes).
* * *
Although the 64-block Lower East Side retail area is characterized by rather small (400 to 1,500 s/f) ground-floor retail spaces and what seems to be the inverse relationship between the size and the price per square foot, large retail spaces on major streets have also been popular and thus, expensive. For example, retail space rents at $200 a square foot annually downstairs from The Ludlow (188 Ludlow street). Another high-rent spot is the ground floor of 101 Ludlow Street - a new dorm under construction for for the School of Visual Arts.
In another sign of gentrification, luxury boutique hotels have been moving in at a steady rate. According to one hospitality industry executive quoted in the article, the opening of the Hotel on Rivington in 2005 was the turning point for the neighborhood. It was followed by the openings of the Bowery Hotel and the Blue Moon Hotel.