Vacant Storefronts On The Rise On Upper East Side: Report

UPPER EAST SIDE, NY — The Upper East Side is home to some of the city's glitziest shopping districts, but despite the heavy presence of luxury retail stores the neighborhood is not immune to an ongoing retail crisis.

Real estate publication The Real Deal recently canvassed some of the Upper East Side's busiest shopping corridors — Madison, Lexington, Third and Second avenues between East 57th and 96th streets — and found 82 empty storefronts.

Rising commercial rents and the decline of several national retailers deciding to cut back on brick and mortar locations have both contributed to the retail vacancies on the Upper East Side, the Real Deal reported.

Empty storefronts don't even tell the full tale of the neighborhood's retail struggles. Retail specialist Grag Tannor of Lee & Associates told The Real Deal that about 20 percent of occupied storefronts are currently on the market and looking for renters.

Read the Real Deal's full report here.

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