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New York City's Retail Real Estate Prices Are Out of Control

The West Broadway store; Photo: Brian Harkin for Racked
The West Broadway store; Photo: Brian Harkin for Racked

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Big-time New York City landlord Jeff Sutton just bought Anthropologie's 13,000-square foot retail space at 85 Fifth Avenue for $86 million, which values the duplex space at more than $6,500 per square foot. That fact might've made headlines on its own in the past, but now it's just another expensive deal in a string of expensive deals that have hit the city as of late.

Take these two Bedford Avenue properties for $40 million—a record-breaking price per square foot for Williamsburg—or this cluster of properties in the same neighborhood with double the price tag.

And these crazy prices are still relatively sane when compared to what some brands just in annual rent, like Bottega Veneta's new Madison Avenue store or basically anywhere on the prime stretch of Fifth Avenue. Apparently, it's only the beginning of what's to come.

And for those who are wondering about the state of Flatiron's Anthropologie, the Urban Outfitters-backed brand currently has a lease on the space through 2021.

Lower Fifth Ave. Retail Co-Op Sells for $86 Million [Crain's]