The Meatpacking District sold out.
With about 200,000 square feet of vacant retail space, the Meatpacking District could likely become the most sought-after neighborhood for new retailers, according to The Wall Street Journal.
High-end brands like Gucci and Louis Vuitton have already begun seeking out Meatpacking District locations. Christian Louboutin just opened a new men's store on Horatio Street.
Once considered a low-end neighborhood, MePa has suddenly turned hot and fashionable. Landlords, the clear beneficiaries of this transition, have used it as an opportunity to raise rents.
To help put this in perspective, a retail space that was marketed at $40 per square foot 10 years ago is now being marketed at $600.
"Rents are off the chart," said Prudential Douglas Elliman's Retail group chairman Faith Hope Consolo.
Brokers will likely need a larger sample size of the Meatpacking District's refined image in order to justify its current rents.
For more on this story, check out The Wall Street Journal.
