Retail

Restaurants sign most new retail leases as Manhattan store rents plummet

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A person walks by a restaurant that went out of business in Gramercy as the city continues the re-opening efforts following restrictions imposed to slow the spread of coronavirus on October 21, 2020 in New York City.

Noam Galai | Getty Images

A plethora of empty space already outfitted with kitchen appliances and a chance to take advantage of historically low rents is driving restaurateurs to sign fresh leases across New York City.

Food and beverage tenants were the most active in signing retail deals across Manhattan during the second quarter ended June 30, according to commercial real estate services firm CBRE. Some, like Flex Mussels, are staging a comeback after last year’s indoor…



Source cnbc.com

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