Roast Kitchen Roasted

According to a report from Crain’s New York:

Foot traffic is stepping up in Union Square. The area now sees 11% more visitors on summer Fridays than it did in 2012, according to a recent survey conducted by the Union Square Partnership, the neighborhood’s business improvement district. After counting pedestrians and using data from subway turnstiles, the BID estimates that 383,000 people are in Union Square on a Greenmarket Friday.

“Union Square has it all,” crowed Jennifer Falk, executive director of the BID, in a statement, referring to the park, transit options, shops and the Greenmarket.

In recent months, the neighborhood has also drawn a variety of retailers—from Brooklyn doughnut shop Dough to classic outdoor-clothing brand Eddie Bauer. E-commerce brand Rent the Runway also set up a showroom in the area last fall. According to the BID, Union Square has a ground-floor retail vacancy rate of 2.9%, though several spaces are currently on the market.

Retail rents in the area are pricey and rising. Dylan’s Candy Bar signed a deal for 3,300 square feet at 33 Union Square West, a spot formerly held by Puma, for $545 a square foot in the fall, for example. Such rents have pushed out several longtime retailers, including Union Square Café. The Danny Meyer-owned restaurant announced over the summer it will be vacating its space on East 16th Street after three decades. When Mr. Meyer opened the eatery in 1985, he reportedly paid around $50,000 a year in rent—that price has jumped to $650,000.

Tacos on 12th St., strangely enough in the same location that used to house The Big Enchilada. What’s old is new again.

Spice Cafe, the Thai place at 10th and Unversity, is moving on Dec. 29 to 39 East 13th St. That’s weird because that’s the current location of Tong. Is the brand new Tong going out of business already?

In other news, Tokyo Lamen on University is “closed for renovations” and promises to reopen as a higher-end noodle place, like the three or four other noodle hot spots that have opened recently in the East Village.

From Eater.com:

The big former space of iconic Union Square diner the Coffee Shop will soon be split into four new retail spaces — three of which will be reserved for new restaurants, according to the property manager.

No leases have been signed yet, writes Eric Gural, executive managing director of Newmark Knight Frank, who would not comment on rumors that Chase Bank is a potential option to take over the space. Another source associated with the property confirmed that Chase Bank is in talks to take over the non-restaurant space, though he also said it is not final.

Brazilian-ish restaurant Coffee Shop, known for its fashionable staff and cultural gravitas via appearances on shows like Sex and the City, closed earlier this month after nearly 30 years at the corner of 16th Street and Union Square West. It was a trailblazer when it opened in 1990 and became a popular spot for celebrities, tourists, and locals seeking a place near the transit hub, particularly because its huge neon sign made it an easy landmark.

Owners said this summer that the restaurant had to close in part due to high rents, but Gural notes that there is still time on the restaurant lease, contesting that the departure was because of a rent hike.

Number one advocate of old New York Jeremiah Moss first posted the rumor that Chase Bank might replace Coffee Shop, calling it “yet another example of New York City soul snatching.” Besides the new tenancy, a tipster told him that the Coffee Shop sign might be redone to say “Chase”; Gural did not comment on this rumor. Incidentally, the tenant before Coffee Shop was an actual coffee shop called Chase, and Coffee Shop got its name from Chase’s neon sign, which it kept

See it all here. 

Union Square-14th Street has demonstrated incredible resilience during the unprecedented past year. There are strong signs the district will not only continue its
upward trajectory but also thrive as one of the City’s best neighborhoods to live, work, and invest in. In this report, outline the neighborhood’s key advantages and highlight the positive indicators of continued economic growth and success.

Among Union Square’s many advantages is its function as a true “15-minute neighborhood,” with its wealth of local amenities and resources accessible within walking distance or a short bike ride. The availability of public space, in particular, has emerged as an even greater asset this year as Union Square Park and nearby streets and plazas have been key for safe recreation, social activity, and commerce.

New developments across Union Square-14th Street are picking up momentum, introducing a range of transformative projects to the district’s skyline and public realm. Among the exciting projects underway, which include a civic center, two modern residential towers, and a boutique hotel, several projects have recently reached key milestones:
∫ Completion of the landmark restoration of Tammany Hall has introduced a new architectural icon at 44 Union
Square, including office and retail opportunities.
∫ Zero Irving’s Tech Training Center is on track to complete in Spring 2021. The project aims to bring 550 permanent jobs to the area.
∫ The City implemented a dedicated busway, improving access along 14th Street with the rollout of M14 Select Bus Service. In the months following its installation, ridership on the route increased 14% and travel times decreased 24%.
∫ USP unveiled the Union Square-14th Street District Vision Plan, an ambitious proposal that envisions a 33% increase in public space, and significant improvements to district accessibility and the overall pedestrian environment.

Investment in Union Square’s future remains strong, with over $850 million committed to projects across the commercial, residential, and health sectors, totaling over 1 million square feet of new development. Since January 2020, there have been over $500 million in residential sales around Union Square and there are more than 200 residential units in development. We look forward to welcoming our new neighbors to the district soon.

Since January 2020, 33 businesses have opened or plan to open in Union Square, including a mix of eateries, retailers, beauty, and professional services. These include 25 brand new to the district, five that relocated to a new or renovated space within the district, and three that have announced plans to open soon. Looking ahead, we are excited to welcome these new additions, including Rookie and the Urbanspace Food Hallin 2021, and Target in 2023.

With nearly 73,000 residents and 142,000 employees within a 1/2 radius, Union Square remains one of NYC’s most desirable places to live and work.
∫ Its 2:1 employee to residential population makes Union Square a true mixed-use neighborhood, supported by a diverse array of commercial businesses, retail,
and restaurants.
∫ 38.5% of Union Square’s residences are owner-occupied, a number far above Manhattan’s 24%

RESIDENTIAL OVERVIEW
Union Square Manhattan NYC
Total Population 72,928
Housing Units 42,603
Median Asking Rent $4,304
Median Home Value $1,336,014
% Owner Occupied 38.5%
Median Household Income $142,526
Median Age 35
Average Household Size 1.6

This cool undated photo shows the northwest corner of 5th Ave. and 13th St. back when the building housed the headquarters of Phillip Morris.