American Eagle Flies

Interesting….”Long regarded as a leader in New York’s fine-dining world, Danny Meyer is making moves into the casual ranks of the city’s culinary scene. The restaurateur’s Union Square Hospitality Group (USHG), which encompasses a range of high-price dining spots such as the Michelin-starred Gramercy Tavern and the Modern, is investing in Joe Coffee, a New York-based coffee chain with 13 locations in the city and two in Philadelphia.”

“Historically we’ve had the privilege of investing in some incredibly special companies whose cultures, leaders, and innovative business models caught our eyes, and Joe is no different,” said Danny Meyer, Chief Executive Officer of Union Square Hospitality Group. “USHG has had a meaningful relationship with Joe Coffee and founder Jonathan Rubinstein for many years, both as avid fans of their coffee bars and also having served their coffee at Union Square Events for years. We chose to make this investment with Joe Coffee because they are dedicated to the pursuit of making flawless coffee, are led by passionate and exceptional management, and share the same hospitality values as USHG.”

“We are incredibly proud and humbled that USHG and its affiliates have chosen to invest in Joe,” said Jonathan Rubinstein, Co-Founder and President of Joe Coffee. “Danny Meyer is a leader I have admired my entire professional career and to have the opportunity to partner with him and his outstanding team at Union Square Hospitality Group is a dream come true. With this new funding, we will continue to do what we love – roast, brew, and serve the best quality coffee with genuine hospitality – and now we are excited to bring Joe to even more great communities across the country.”

from 6sqft:

Pioneering food hall operator Urbanspace is opening its latest outpost at Union Square reports the NY Post. They’ve leased 10,000 square feet at Zero Irving, the contested tech hub on 14th Street that will serve as office space, a technology training center and incubator, co-working spaces, and an event space when it opens in the first half of 2021.

Located at 124 East 14th Street, at the former site of the P.C. Richard & Son building, Zero Irving has faced opposition for years, as local preservationists and community groups felt that the rezoning required for the development should have included protections for the surrounding neighborhood, which is largely low-rise and residential.

Nevertheless, the $200 million project has been under construction for the past year. Despite the thousands of small business closings around the city, UrbanSpace founder and president Eldon Scott is confident in what will be his company’s fifth food hall in New York City. “We have the ideal business model to help the New York culinary world recover,” he told the Post.

UrbanSpace’s other locations are Urbanspace Vanderbilt near Grand Central (the first location, which opened in 2015), Lexington Avenue and 51st Street, 135 West 50th Street, and 152 West 52nd Street. They’re also behind the holiday markets in Grand Central, Union Square, Columbus Circle, and Bryant Park, as well as seasonal food market pop-ups like those at Madison Square and the Garment District.

Hersha Hospitality Trust, owner of upscale and select service hotels in major metropolitan markets, announced that the Company has entered into a purchase and sale agreement to acquire the 175-room Hyatt Union Square hotel in New York City at 4th Ave and 13th Street for total consideration of $104.1 million, or approximately $595,000 per key. The transaction is expected to close shortly after the seller completes the hotel’s construction. The consideration to the seller consists of $36 million paid to the seller in cash, the cancellation by the Company of a $10 million development loan made to the seller, accrued interest on the loan and the assumption by the Company of two mortgage loans secured by the hotel in the original aggregate principal amount of $55 million. While this purchase and sale agreement secures the Company’s right to acquire the completed hotel, the Company is not assuming any construction risk, including the risk of schedule and cost overruns. The hotel is expected to open in 2012.

Ikea opens in Red Hook on June 18 and promoted that fact with pop-up apartment in Union Square. How do you feel about promotions such as this that sometimes take over the south end of the park. Do these advertisers pay for the privilege? And if so, who gets the money?

Finally, the new Union Square playground, three times its former size, is open.

Reminder: Annual Meeting is October 12. See your e-mail for Zoom log in information.