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Wednesday, November 8,2006

AN ARM, A LEG & OVER A MILLION

If you’re planning on opening up your very own trendy clothing boutique, you might want to look for a rental space far, far away from Fifth Avenue. A recent survey conducted by Cushman & Wakefield Inc. found that, out of 233 shopping locations in 47 countries, the stores on Fifth Avenue have paid the highest rents in the world since 2003. The real estate firm’s annual Main Streets Across the World 2006 survey revealed that units on Fifth Avenue—like Abercrombie & Fitch, Nokia and Apple stores—closest to 57th Street pay up to $1.35 million every year for 1,000 square feet of space. And you thought your tiny studio with the leaking radiator in the East Village was overpriced.  


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