Second Avenue Subway Construction Means Cheaper Rent for New Businesses
As some businesses along the Second Avenue subway construction route continue to struggle, retail landlords have begun trying to attract new tenants with lower rents.
Since construction began on the new subway line, retail rent prices per square foot have dropped from the mid $200s to between $100 and $150 along Second Avenue, said Adrienne Shea, an agent with Winick Real Estate.
“I think landlords are taking into consideration that there’s construction and how that’s affecting businesses on that side of the street,” Shea said of the eastern side of Second Avenue.
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