PARK SLOPE — It's the tale of two avenues in Park Slope.
Retail rents on Seventh Avenue have shot up 35 percent while rents on Fifth Avenue have dropped 8 percent, according to a recently released report from the Real Estate Board of New York.
REBNY compared rents on the two commercial strips in the winter of 2017 and winter 2016. On Fifth Avenue, average rents decreased to $78 from $85, while rents on Seventh Avenue jumped to $129 from $96. The report looked at rents between Union and Ninth streets.
Fifth Avenue rents skew lower than those on Seventh Avenue, REBNY found. On Fifth Avenue, the range is $31 to $111 per square foot. On Seventh Avenue rents range from $40 to $165 per square foot.
The retail rent increase on Seventh Avenue was sparked by "very low inventory on the corridor," according to REBNY's Brooklyn Retail Report Advisory Group. "The few available spaces were clustered in more desirable locations, which drove the average asking rent for ground-floor spaces upward."
Seventh Avenue has welcomed Blue Bottle Coffee, Chipotle and another Starbucks in recent months, while several locally-owned businesses have closed, including Sport Prospect, Goldy + Mac and Gear to Go Outfitters.
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