BUCKING THE TREND
Meatpacking District continues its gentrification
The Meatpacking District area is thriving with new stores, new deals and new developments. The area’s scruffiness continues to get polished as high-end storefronts continue to fill in along 14th Street, leaving the biggest complaint the difficulty in navigating the rough sidewalks and cobblestone streets in high heels. Brokers say area retail rents range from $400 to $600 a square foot, with some asking – and praying – for even more.
“Everyone has to be there but they don’t (necessarily) make money,” said investment broker Alan Miller of Eastern Consolidated. “Rents were $50 five years ago. Now stuff is $500 a foot and people are asking more. Everything was going up like a helium balloon and now air is being let out.”
Just east of Ninth Avenue, the stores are smaller and the rents are a bit lower but the main strip runs from the Apple Store to Jeffrey and will soon be expanded to the west.
That’s because the Mobil gas station and car wash that overlooks the West Side Highway is turning over for around $60 million. Along with great light, air and Hudson River views, it is next to the High Line, across from the Chelsea Market and steps from the new Standard Hotel and Calidonia residential projects.
For more, download the full article in PDF