NYC restaurant rush powers city’s retail recovery

Restaurant operators are driving New York City’s retail comeback, giving rise to the new landlord mantra “If you can vent it, you can rent it.” Quick-service chains, viral dessert shops and upscale cocktail lounges are snapping up space at a pace that’s pushing availability to decade-long lows, the Wall Street Journal reported. Retail availability in Manhattan’s 11 busiest corridors dropped to 12.8 percent in the second quarter, the tightest market since 2014, according to Cushman & Wakefield. That demand is spilling into previously non-restaurant spaces. Conversion costs to add kitchen infrastructure can hit six figures, but more tenants are ponying […]This article originally appeared on The Real Deal. Click here to read the full story.