Crate & Barrel to close Manhattan flagship store

New York -- Rising rents are causing another national chain to exit a high-profile location in Manhattan. Home-furnishings retailer Crate & Barrel will close its flagship on Madison Avenue (at 59th Street) on Aug. 2, after negotiating an early exit from its lease, according to the Wall Street Journal. The store opened in 1995.



The closing will leave the city with just one Crate & Barrel, in the Soho section of downtown Manhattan.



Rents in the Madison Avenue retail corridor, which stretches from East 57th to East 72nd streets, are on the rise. The average price increased to $1,584 per square foot in first quarter 2015, an 8% bump from $1,466 per square foot in the year-ago period, according to real estate services firm Cushman & Wakefield Inc., the report said.