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Flatiron retail landlords trade longer leases for lower rents
The median asking rent fell 10% to $142 per square foot, and the median recorded lease term rose to ten years.
Midtown South · 5 h ago · Based on 3 documents
AreaMidtown South
Key facts
Asking rent down 10%
Median ask: $142 per square foot
Median lease term: ten years
22 leases recorded since January
Owners of vacant storefronts around Madison Square reported a median asking rent of $142 per square foot this year, against $158 in 2025. The median asking rent is 10% below last year's. Thirty-eight vacant storefronts on those blocks reported an asking rent to the Department of Finance.
The Department of Finance recorded 22 memoranda of lease on the same Midtown South blocks from January through October, against 17 in the same months of 2025. The median term in this year's memoranda is ten years, up from seven.
10%
Fall in the median asking rent around Madison Square
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Still in this story
The 38 vacant storefronts with an asking rent
The 22 recorded leases, term by term
The 12-year memorandum, line by line
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