SoHo might be making a shopping comeback but it ain't the city's top shopping strip. It isn't even third, at least in terms of property values. Thanks to a massive new real estate deal that honor goes to the western strip of Bleecker St. where three properties were recently sold for $34 million, or $6,700 a square foot. As the News notes, "the only retail units to fetch more since 2003 have been on Madison and Fifth Aves."
The area's property values shouldn't be a shock. Since Marc Jacobs moved onto the street in 2001 (and then moved in again and again and again with a total of six stores now open) shopping in the area has grown increasingly upscale. And the West Village already has some of the highest residential property values in the city so why shouldn't its commercial prices match? The buyers certainly didn't seem to have a problem with the high prices. The three spaces, at 367-369, 382-384 and 387 Bleecker, sold only three weeks after hitting the market.
When you do the math and find that the shopping districts Bleecker St. now calls its peers include grand old meccas the Champs-Élysées in Paris and Bond St. in London, it can take your breath away a little bit.