RKF declares Manhattan’s ‘96th Street divide’ defunct

Having brokered the sale of street-front retail real estate on 101st Street and Third Avenue in New York for $2.2 million, RKF declared the unofficial rule of placing prime retail locations below 96th Street in Manhattan to be null and void.



“The former ‘96th Street divide’ is no longer pertinent, and Third Avenue is quickly changing from predominately service-driven tenants to national retailers looking to cater to the needs of more affluent residents,” said RKF VP Brian Segall following P&G Equities’ sale of 1810 Third Avenue to The Daniel Group.



“The increasing number of luxury condos being built or redeveloped in the area have transformed it into a prime investment destination for retail,” Segall added.



The property on the ground floor of a condo called The Art House consists of 3,669 sq. ft. of retail space, of which only 870 is currently available for lease. The building is near the 103rd Street subway station serving Manhattan’s East Side.

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