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The Fifth Avenue Defect

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Yesterday the Post's Steve Cuozzo reported on the big-time boost given to retailers that call Fifth Avenue just south of Central Park home, but head a bit south, the Times reports, and Fifth Ave. ain't all that: "Today, national chains are closing more stores around the country than they are opening, and the Flatiron district, which extends from 14th Street to 23rd Street, is riddled with vacancies, particularly in its northern half. The vacancies are pushing down rents. A recent report by the Real Estate Board of New York found that asking rents had dropped by a greater percentage in this section of Fifth Avenue than in any of Manhattan’s other shopping districts." [NYT; previously]