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NYC’s Retail Rents Keep Sliding With Fifth Avenue Taking a Beating

Retail rents are tumbling in Manhattan, especially in the toniest neighborhoods. In the area around the Plaza Hotel on Fifth Avenue, home to the borough’s priciest retail real estate, rents fell 13.5 percent in the second quarter from the previous three months, the largest decline among the 16 neighborhoods tracked by brokerage CBRE Group Inc….

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