Storied Fifth Avenue to Get in Tune With the Times
Fifth Avenue has been synonymous with wealth since the Gilded Age when families with names such as Vanderbilt, Astor, Frick and Clay built fortunes and mansions on the street, which was dubbed Millionaire Row. Over the decades, the money settled between 49th and 59th Streets, where the moniker stuck as millionaires, or at least, the rich, shopped at luxury retailers such as Bergdorf Goodman, Saks Fifth Avenue, Louis Vuitton, Van Cleef & Arpels, and Cartier. While the avenue became a template for other luxury retail streets in the U.S. and around the world, Fifth Avenue hasn’t been quite as posh in recent years. The average asking rent on the 10 prime blocks declined 22 percent in spring 2019 to $3,047 a square foot, from $3,900 a square foot the previous spring, according to a report by the Real Estate Board of New York. The decrease was due to high availability and low absorption rates as tenants balked at high asking rents, which diminished demand. While Madison Avenue between 57th and 72nd Streets has been similarly challenged with vacant storefronts and a decline in asking rents — a 25 percent drop for the corridor in spring 2019 compared to spring 2018, according to
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