NYC’s Union Square area on a roll for retail, – Business News
Union Square Park and its environment misplaced a lot of their good-times juice after common restaurant Coffee Shop on Union Square West closed in 2018 and Blue Water Grill adopted it into historical past in 2019.
It by no means felt fairly the identical even with big-name retailers on East 14th Street and the ever-popular Greenmarket nonetheless drawing crowds.
But now the park’s on a retail- and restaurant-leasing roll. As reported by the Union Square Partnership, storefronts across the park are 82% occupied, a 68% soar during the last quarter of 2024.
Major new tenants both in place or opening within the subsequent few months embody eating places Seahorse, Flight Club and Smashy.
Pop-up retailers are filling vacant ground-floor areas round Union Square Park, together with Mets House at 1 Union Square West. Steve Cuozzo
An enormous outpost of common steakhouse STK is coming to the nook of 200 Park Avenue South, which was darkish since Elizabeth Arden Red Door Spa shuttered in 2020.
Pop-up retailers are filling long-vacant ground-floor areas, together with Mets House at 1 Union Square West. Upper flooring have been snatched up by Fred Astaire Dance Studio at 857 Broadway and nutrition-care supplier Nourish at 853 Broadway.
The area has seen 28% more visits by workplace staff for the reason that first quarter of 2024, in response to the Partnership.
Although the group’s report didn’t point out it, a important morale-booster was the dismantling late final 12 months of the scaffolding at Barnes & Noble at 33 E. seventeenth St. on the park’s northern finish, which had darkened the town’s largest B&N for years.
A morale-booster for the Union Square Park area was the dismantling late final 12 months of the scaffolding at Barnes & Noble at 33 E. seventeenth St., which had darkened the town’s largest B&N for years. Steve Cuozzo
An enormous outpost of common steakhouse STK may even hit Union Square. Steve Cuozzo
And on the workplace entrance, the comparatively small Union Square submarket lags. Cushman & Wakefield studies its 110,000 sq. ft of leasing within the first quarter was barely beneath the five-year average.
Even so, no less than 20 storefronts stay darkish from 700 to over 9,000 sq. ft, particularly alongside Union Square East.
You’re too late to buy any of the loft-like condominium flats on the Armorie, the residential conversion by Adellco of a former publishing home at 114 E. twenty fifth St. that we wrote about a few months in the past.
A single, unidentified purchaser (who gained’t probably stay nameless for long) snatched up all 20 items and the ground-floor industrial space for $71 million.
We’re advised the acquisition got here simply days after the flats had been publicly listed for sale — and within the midst of Wall Street turbulence over tariffs.
