Chelsea's Flower District Is Wilting: Report

CHELSEA, NY — Skyrocketing rents are trimming Manhattan's flower district and putting the squeeze on a one-block stretch of Chelsea that is the centerpiece of the nation's multibillion-dollar floral industry, according to a Bloomberg report.

More than 65 wholesale shops once occupied West 28th Street, now only a handful of flower sellers remain. Hotel and condo development and rising rents have booted wholesalers and florists who can't keep pace, the financial news website reported.

The flower district has experienced an average 15 percent increase in rent over the last 10 years with the median monthly rent for the area at roughly $4,000, which puts it among the highest in the city, according to data and analysis from Bloomberg. The trend will eventually overrun the district that in 2000 raked in as much as $120 million a year.

Read the full report from Bloomberg here.

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