Union Square in the Old Days

If you/re curious about how quickly Union Square’s retail rentals are recovering, go read this report.

Here’s what’s happening in their building as described in a memo sent to the university community:

June 22, 2009
From President Bob Kerrey and Provost Tim Marshall Abatement of Hazardous Materials in the University Center at 65 5thAvenue This is a follow-up to the recent announcement of the closing of the 65Fifth Avenue. There were some questions from members of our communityand we thought it would be helpful to provide additional information. The closing occurred because our university’s trustees have approvedthe removal and abatement of hazardous materials in the building.Several Board members with considerable New York City constructionexperience recommended that abatement work be started in advance of thedecision to build since it is highly likely that decision will be madethis fall. Abatement of hazardous material will shorten the duration ofthe construction of the University Center project. However, becauseabatement results in stripping the interior of the building of allfinishes, it was necessary to close the building in order to performthis work. Please note that the abatement work would have beennecessary regardless of future building plans. The Board had previously authorized the production of schematicdrawings for a new building. This authorization has led to extensivecollaboration with the newly created University Facilities Committee.This committee is working closely with the architect, and severalsubcommittees have been formed to offer input around particular kinds ofspaces. This input will likely lead to a final Board decision in the fall toproceed with construction of the Fifth Avenue University Center. Thisdecision will depend upon evaluation of new construction cost estimates,of actual enrollment results, and of financing. We recognize that the closing of the 65th Fifth Avenue has resulted insignificant dislocation of student activities. We have accommodated someof these activities with new construction in Arnhold Hall on 13thStreet. However, more needs to be done. We are pursuing severalpromising real estate opportunities that give us confidence that we willbe able to provide the new amenities this year. In the unlikely event adecision is made not to proceed with the new construction, or to delayconstruction for a long period of time, the trustees will review alloptions for dealing with the existing building at 65 Fifth Avenue. We expect that a schedule of construction activities at the site can beannounced within a couple of weeks, when we expect the abatement anddemolition contracts approved by the trustees to be finalized. Afterworking with the University Facilities Committee to reach broadconsensus about the program for the new building, we will continue tomeet throughout the summer with the Committee and with other user groupsin developing the schematic design. We are also working to set upvenues for regular communication to the entire University communityabout the project’s progress.

Read it here.

Cars will mostly be banned from 14th Street starting July 1 as the city launches a busway to help speed up traffic on the busy Manhattan thoroughfare, DOT announced Monday.

Private through traffic will be banned between Third and Ninth avenues from 6 a.m. to 10 p.m. daily to accommodate the pilot busway during reconstruction work on the L train’s Canarsie tunnel. Cars will still be able to make pick-ups, drop-offs, and access area garages on the street during the pilot, according to DOT.

In April, Mayor Bill de Blasio announced that buses, trucks, and emergency vehicles would be given priority on the stretch of road—the same span that had been pitched for a busway under the original L train shutdown mitigation plan but was thrown up in the air after Gov. Andrew Cuomo suddenly swapped plans to repair the Hurricane Sandy-damaged tunnel. But the city had yet to unveil a launch date or hours of operation for the pilot busway until now.

“The 14th Street busway is great news for transit riders and neighborhood residents,” said Danny Pearlstein, the Riders Alliance policy and communications director. “By ensuring fast, reliable transit starting July 1, the busway will provide an excellent alternative to jam-packed L trains and expensive, inefficient car trips.”

To enforce the busway, new cameras on the buses will issue tickets to those violating the street’s new restrictions. But drivers will be given warnings and tickets will not be issued until at least September, according to the DOT.

The busway’s July 1 launch will also be accompanied by the MTA’s new M14 select bus service that will replace the current M14A and M14D routes and nix 16 existing stops—that’s down from 22 after public outcry over the slashed stops. Riders will have to swipe their MetroCards at machines lining the curb before boarding the new select bus service.

The long-troubled TGI Fridays in Union Square is finally set to close, as the building goes on the market. “Union Square is so hot down there these days with real quality restaurants it just doesn’t compete well,” explains operator Dennis Riese.

From the NY Times:

The latest record store to close in New York is a big one: the Virgin Megastore in Union Square. Following its announcement last month that the Times Square Megastore would close down in April, Virgin Entertainment Group North America will shut down the Union Square shop in late May or early June, a spokeswoman said, confirming a report in Billboard. Virgin will also close its Market Street store in San Francisco in April. The New York closures will leave Manhattan without a large-scale record store. Thousands of music retailers have shut down in recent years as CD sales have plunged, and Virgin has been closing most of its locations around the country since it was bought by the real estate companies Vornado and Related in 2007, but its high-traffic New York stores were said to be profitable.