Quaint NYC Street Officially Ritzier Than The Champs Elysees

by Justin Fenner | 5:50 pm, December 3rd, 2010

New York City’s Bleecker Street just charged ahead of a few world shopping meccas as one of the most expensive retail strips on the planet.

The New York Daily News reports that the buildings housing Bleecker’s Burberry store and a planned Michael Kors outpost just sold for a whopping $34 million. And it’s not a ton of space, either — the new owners paid about $6,700 per square foot for just over 5,000 square feet.

To put it in perspective for you, it’s the third highest cost per square foot any piece of commercial real estate has sold for since 2003. To further put it in perspective for you, it’s more expensive than prices of buildings on Madison Avenue and Fifth Avenue in New York, and it leaves prices for storefronts on London’s Bond Street and on the Champs Elysees in Paris in the dust.

Of course, it’s not too huge a surprise. The area has been getting more and more expensive since Marc Jacobs started setting up his shops there in 2001. He now has six stores in the area. Jacobs did for the West VIllage what Diane von Furstenberg did for the Meatpacking District — and now everyone in fashion wants to have a store on Bleecker.

Whether they can actually afford it remains to be seen.

Bleecker Street Now Has the Third Most Expensive Retail Strip in NYC [Racked NY]
West Village corridor in blockbuster real estate deal [New York Daily News]

Bleecker Street Burberry Michael Kors Retail Storefronts