July 17, 2018 5:46PM ET

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

A pedestrian holding an umbrella walks past an empty retail space in the SoHo neighborhood of New York, U.S., on Saturday, Feb. 22, 2018. The scene unfolding on the cobblestones of one of New York's trendiest shopping areas shows the increasingly fraught negotiations between tenants and landlords as vacancies soar and retail rents plunge.

CREDIT: Victor J. Blue/Bloomberg

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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