New York’s retail emptiness price is low. However its retail employment numbers are nonetheless removed from recovered.
The variety of retail jobs in Manhattan is 21 % under 2019 ranges, in line with a brand new report from the state comptroller’s workplace.
The borough has given up a few of its share of town’s general retail jobs to different boroughs. In 2019, Manhattan was the location of almost 46 % of town’s retail jobs. That quantity has since fallen almost 4 %.
Manhattan additionally noticed a lack of about 13 % of its retail companies between 2019 and 2025, in line with the report. That pattern began in 2018, earlier than the pandemic.
Throughout New York, electronics, home equipment and furnishings misplaced greater than 4,000 jobs, falling 18 %. It was the most important loss amongst subsectors in each absolute phrases and percentage-wise, by loads.
The comptroller’s workplace suggests a number of causes for this stalled restoration. The widespread adoption of hybrid work schedules means fewer individuals within the metropolis’s important enterprise corridors, leading to much less foot site visitors for retail companies. The variety of vacationers and guests to New York has additionally not recovered, down 1.6 million individuals from its 2019 peak.
What does all this imply for actual property? The numbers for retail property itself aren’t almost as bleak.
Asking rents are actually approaching 2019 numbers, seemingly fueled by client retail spending that has now eclipsed pre-pandemic ranges.
Retail property values, as measured on the property tax roll, have largely recovered, however lag behind different industrial property values, like workplace, storage and warehousing area.
Gross sales of retail properties totaled $3.1 billion in 2025, in line with knowledge reviewed by the comptroller’s workplace. That’s nonetheless wanting the $3.3 billion in gross sales in 2019.
What we’re excited about: New York’s lease freeze takes impact Thursday, Oct. 1. With the freeze dealing with a problem in court docket, I talked with attorneys about what developments in that case may imply for leases, which are actually being despatched out and signed throughout town.
Talking of the lawsuit, that case additionally gifted us a peek inside the communications between the Mamdani administration and the Hire Pointers Board. Landlords are hoping to influence a choose that the choice for a freeze was the results of a “sham course of.” The textual content messages and emails accessible present some communication, however not any overt calls for or ultimatums from town.
A factor we’ve discovered: Ninety-nine years in the past at this time, Oct. 1, metered taxicabs hit the streets of New York.
Elsewhere…
— Development has began to show a former parking zone in Greenpoint into Field Avenue Park, the mayor announced Thursday. The $40 million mission is scheduled to be prepared for primetime in 2028.
— Civil penalties are actually in impact for companies that make it more durable for customers to cancel subscriptions than it’s to join them. Companies that enable customers to approve a renewal or subscription through electronic mail, however require a cellphone name to cancel are eligible for fines beginning at $525 per violation, in line with a metropolis rule.
— President Donald Trump is contemplating a go to to New York subsequent week to look alongside Republican gubernatorial candidate Bruce Blakeman, Politico reports, in line with three individuals with information of the discussions.
Closing time
Residential: The most costly residential sale recorded Thursday was $6.5 million for a 3,200-square-foot condominium at The Olcott, 27 West 72nd Avenue on the Higher West Facet. Lisa Lippman and Scott Moore with Brown Harris Stevens had the listing. The unit final traded for $5.1 million in 2007.
Industrial: The most costly industrial transaction was $8 million for 178-180 Atlantic Avenue in Cobble Hill. Mixed, the properties have 8,760 sq. toes and 5 residential items.
New to the Market: The best value for a residential property hitting the market is $18 million for a 3,401-square-foot condominium at Central Park Tower, 217 West 57th Avenue. Ramzis Hadzhi and Martin Eiden with Compass have the listing. The unit final traded for $15.3 million in 2022.
Breaking Floor: The biggest new mission filed was for seven single-family houses in Flushing. The addresses embody 29-30, 29-34, 29-36, 29-38, 29-40 and 29-42 146th Avenue and 145-42 twenty ninth Street. Shahriar Afshari Tork filed the permits on behalf of David Kahen.
— Matthew Elo
Learn extra
“A mess”: New York’s rent freeze takes effect, as lawsuit sows confusion
Lawsuit reveals texts between Mamdani administration, rental board
The Manhattan luxury retail corridors where vacancy has hit multi-decade lows
