New York’s luxury corridor loses its luster, but less expensive areas hold their own.
The stretch of Madison Avenue starting at 57th Street and continuing through the upper 60s has not historically been associated with hard times. Yet the current downturn has hammered the corridor, making it one of the hardest-hit areas in New York City.
Meanwhile, Manhattan’s less ritzy retail areas, including Times Square, Union Square, Herald Square, lower Fifth Avenue and SoHo welcome new tenants.
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