Madison Avenue Finds a New Groove

Take a walk down Madison Avenue in New York and the familiar sounds of summer in the city will ring out: cars honking, gleefully chattering pedestrians, and more recently, the ever-present hiss of circular saws and thuds of new construction.

After a decade of falling rents and rampant vacancies, New York’s most prestigious stretch of real estate is buzzing once again. In the second quarter of 2024, retail availability crept down to 12.3…