E. 57th Street has edged out Tokyo’s...

E. 57th Street has edged out Tokyo’s Ginza and a neighboring stretch of Fifth Avenue in Manhattan as the world’s most expensive street, according to a rental survey. The survey, which charted ground-floor retail rents, found that the average rate on E. 57th is $425 a square foot, compared to $375 on Fifth between 52nd and 58th streets. Retail rents on the Ginza average $400 a square foot. Michael Hirschfeld, whose real estate firm compiled the survey, said the shift was attributable to new space coming on the market on E. 57th and construction that has tied up some space on Fifth. Rounding out the top 10 were: Madison Avenue, New York; Rodeo Drive, Beverly Hills; Michigan Avenue, Chicago; Bond Street, London; Worth Avenue, Palm Beach, Fla.; Rue de Faubourg St. Honore, Paris, and Bloor Street, Toronto.