Cash-rich retailers are scrapping for a slice of NYCs best avenues

Is everything finally coming up roses for city stores? Maybe.Retail leasing velocity across the city is up 14%, year over year.That represents over 3.5 million square feet of new leases and renewals — and according to CBRE, the number of available storefronts on the main shopping streets has dropped.That’s good news for shoppers — but a tough break for stores that want the better locations.

It’s a situation that parallels Manhattan’s divided office market, said Lee Block of Winick Realty Group.Retailers want better spaces and are willing to pay top dollar for them.“The flight to quality has been a big theme in the office world, and it also works in the retail world,” said Block, referring to the demand for luxury offices that is spilling over to some Class B buildings but leaving most C owners in the lurch while spurring residential conversions.Adding to the competition are new to NYC retailers, who inked 24 deals that gobbled up 205,000 square feet just in the first quarter, according to CBRE.For instance, the immersive art experience, Meow Wolf, leased over 74,000 square feet at Pier 17 at the South Street Seaport for its first NYC location.

And Seaview Productions, the group behind George Clooney’s “Good Night and Good Luck,” leased the vacant 16,679-square-foot former Second Stage theater at 681 Eighth Ave.near Times Square.If fact, Times Square has always been a target for large retailers, with shops like Sephora open until 11 p.m.

to service late-day, pre- and après-Broadway show crowds.“It’s the busiest place,” declared Gene Spiegelman of Ripco.At the end of last year, Lincoln Market signed to bring its supermarket to a 35,809-square-foot space left by Lucky Strike bowling at Silverstein Properties’ River Place at 650 W.

42nd St.Nevertheless, Times Square still has massive holes, such as the 91,000 square feet that Forever 21 will give up at Vornado’s 1540 Broadway and 58,000 square feet ABC is leaving at 150...