1
 The real estate slump
5001
span

2
 that's pushing down the price of New York office space and housing 
1
elaboration-object-attribute-e

3
is also affecting the city's retail real estate market.
5002
Same-Unit

4
 In Manhattan, once-desirable store sites sit vacant
5004
List

5
 and newly constructed space has been slow to fill.
5004
List

6
 Retail real estate brokers say 
5007
attribution

7
tenants are reluctant to sign leases 
5007
Cause-Result

8
because of uncertainty about the local economy, turmoil in their own industries and a belief
5008
span

9
 that rents have not yet hit bottom.
8
elaboration-object-attribute-e

10
 There is an unbelievable amount of space available, 
5010
span

11
says Faith Consolo, senior vice president at Garrick-Aug Associates Store Leasing Inc. 
10
attribution

12
There are about 2,000 stores for rent, up from a more typical range of 1,200 to 1,500.
5012
span

13
 This further confuses retailers, 
5013
span

14
she says.
13
attribution

15
 They wonder 
5017
attribution

16
should they sign a lease 
5016
span

17
if prices are still coming down?
16
condition

18
 Is this the wrong time
5018
span

19
 to open a store? 
18
elaboration-object-attribute-e

20
Who is going to be in the space next door?
5017
List

21
 In addition, 
5046
span

22
Ms. Consolo says,
21
attribution-e

23
 tenants usually can negotiate to pay rents 
5022
span

24
that are about one-quarter lower than landlords' initial asking price.
23
elaboration-object-attribute-e

25
 A handful of hot retail locations, such as the 57th Street and Madison and Fifth Avenue areas, have been able to sustain what many see as astronomical rents.
5024
span

26
 And, in some neighborhoods, rents have merely hit a plateau.
25
elaboration-additional

27
 But on average, Manhattan retail rents have dropped 10% to 15% in the past six months alone, 
5026
span

28
experts say.
27
attribution

29
 That follows a more subtle decline in the prior six months, 
5028
span

30
after Manhattan rents had run up rapidly since 1986.
29
circumstance

31
 The same factors 
5030
span

32
limiting demand for office space 
31
elaboration-object-attribute-e

33
have affected retailing.
5031
Same-Unit

34
 As businesses contract or depart,
5035
circumstance

35
 the number of employees 
5034
span

36
who might use retail services
35
elaboration-object-attribute-e

37
 shrinks, 
5035
Same-Unit

38
says Edward A. Friedman, senior vice president of Helmsley Spear Inc. 
5033
attribution

39
 He says 
5041
attribution

40
financial problems 
5039
span

41
plaguing electronics, fur and furniture companies 
5040
span

42
-- key categories in the local retail economy --
41
elaboration-additional-e

43
 have further deflated the market.
5041
Same-Unit

44
 Hardest hit are what he calls secondary sites 
5043
span

45
that primarily serve neighborhood residents.
44
elaboration-object-attribute-e

46
 In these locations, 
5045
span

47
Mr. Friedman says, 
46
attribution-e

48
Retailers are increasingly cautious about expanding 
5047
Same-Unit

49
and rents have remained steady 
5049
Otherwise

50
or in some cases have declined.
5049
Otherwise

51
 Weakness in the restaurant industry,
5051
span

52
 which is leaving retail space vacant,
51
elaboration-additional-e

53
 exacerbates the problem for landlords.
5052
Same-Unit

54
 It is also no comfort to landlords and small New York retailers
5054
span

55
 when the future of larger department stores,
5055
span

56
 which anchor retail neighborhoods,
55
elaboration-additional-e

57
 are in doubt.
5056
Same-Unit

58
 Hooker Corp., parent of Bonwit Teller and B. Altman's, is mired in bankruptcy proceedings 
5058
List

59
and Bloomingdale's is for sale by its owner, Campeau Corp. 
5058
List

60
 The trend toward lower rents may seem surprising 
5060
span

61
given that some communities in New York are bemoaning the loss of favorite local businesses to high rents.
60
circumstance

62
 But, 
5063
Same-Unit

63
despite the recent softening,
5064
concession-e

64
 for many of these retailers there's still been too big a jump from the rental rates of the late 1970s,
5064
span

65
 when their leases were signed.
64
temporal-same-time

66
 Certainly, the recent drop in prices doesn't mean Manhattan comes cheap.
5066
span

67
 New York retail rents still run well above the going rate in other U.S. cities.
5067
span

68
 Madison and Fifth Avenues and East 57th Street can command rents of up to $500 a square foot, 
5068
List

69
and $250 is not uncommon.
5068
List

70
 The thriving 34th Street area offers rents of about $100 a square foot,
5070
List

71
 as do up-and-coming locations along lower Fifth Avenue.
5070
List

72
 By contrast, rentals in the best retail locations in Boston, San Francisco and Chicago rarely top $100 a square foot.
5072
List

73
 And rents on Beverly Hills' Rodeo Drive generally don't exceed about $125 a square foot.
5072
List

74
 The New York Stock Exchange said 
5075
attribution

75
two securities will begin trading this week.
5075
span

76
 Precision Castparts Corp., Portland, Ore., will begin trading with the symbol PCP.
5076
span

77
 It makes investment castings 
5077
List

78
and has traded over-the-counter.
5077
List

79
 Royal Bank of Scotland Group PLC, an Edinburgh, Scotland, financial services company, will list American depositary shares, 
5079
span

80
representing preferred shares, 
79
elaboration-additional-e

81
with the symbol RBSPr.
5080
Same-Unit

82
 It will continue to trade on the International Stock Exchange, London.
5080
elaboration-additional

83
 The American Stock Exchange listed shares of two companies.
5083
span

84
 AIM Telephones Inc., a Parsippany, N.J., telecommunications equipment supply company, started trading with the symbol AIM.
5084
span

85
 It had traded over-the-counter.
84
elaboration-additional

86
 Columbia Laboratories Inc., Miami, began trading with the symbol COB.
5086
span

87
 The pharmaceuticals maker had traded over-the-counter.
86
elaboration-additional

88
 The National Market System of the Nasdaq over-the-counter market listed shares of one company.
5087
span

89
 Employee Benefit Plans Inc., a Minneapolis health-care services company, was listed with the symbol EBPI.
88
elaboration-additional

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explanation-argumentative

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elaboration-additional

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elaboration-additional

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elaboration-additional

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List

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multinuc
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List

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elaboration-additional

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multinuc
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elaboration-additional

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Same-Unit

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span
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antithesis

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elaboration-additional

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elaboration-additional

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span
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Topic-Drift

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multinuc
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span
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span

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span
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Same-Unit

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multinuc
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span
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explanation-argumentative

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span
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Same-Unit

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elaboration-object-attribute-e

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multinuc
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span

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span
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elaboration-additional

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Same-Unit

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Same-Unit

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multinuc
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List

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multinuc
5043
elaboration-additional

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multinuc
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List

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span
5036
elaboration-additional

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span
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Same-Unit

5052
multinuc
5053
span

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span
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elaboration-additional

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span
5057
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span
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Same-Unit

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multinuc
54
circumstance

5057
span
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elaboration-additional

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multinuc
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example

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span
5023
elaboration-additional

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span
5063
antithesis

5061
span
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comment

5062
span



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multinuc
5061
span

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span
5088
span

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multinuc
5073
Topic-Shift

5066
span
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Topic-Drift

5067
span
5071
Contrast

5068
multinuc
5069
span

5069
span
67
explanation-argumentative

5070
multinuc
5068
elaboration-additional

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multinuc
66
elaboration-set-member

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multinuc
5071
Contrast

5073
multinuc



5074
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List

5075
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List

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multinuc
76
elaboration-additional

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75
elaboration-set-member

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Same-Unit

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List

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multinuc
5073
Topic-Shift

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List

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multinuc
83
elaboration-set-member

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List

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Same-Unit

