Shoo Loong Kan, a Chinese hot pot restaurant will soon arrive on 13th St. in the space that old timers will fondly remember as Borgo Antico. (The name means little dragon ridge.) The chain already has locations in Chicago, Houston, and Flushing.
The Union Square area is becoming a high-tech hotbed. Mashable CEO Pete Cashmore was interviewed about why he brought his company here:
Last September, Pete Cashmore moved Mashable’s headquarters from 23rd Street to the heart of Union Square. What he found when he arrived was a climate he says is perfect for startups.
Factors that play into the business climate he found just a few blocks south of Mashable’s previous location include a fertile history of innovation, access to creative talent, and proven professionals. But in the end, what’s most attractive to Cashmore is good, old-fashioned, face-to-face interactions.
“Union Square has always been a meeting place, where people come together and share ideas,” Cashmore told me on Tuesday at an event at the British Residence of New York. “And now with it becoming a real hub of innovation it is a great place to be.”
Now employing about 140 people, Mashable’s offices occupy two floors on Fifth Avenue and 17th Street.
No doubt, part of what Cashmore found there was nurtured by venture capital firm, Union Square Ventures (USV), which was founded in 2004 and now manages $1 billion in assets across six funds. USV’s previous investment in New York City-based companies include Etsy (Nasdaq: ESTY), Tumblr (acquired by Yahoo for $1.1 billion), and MongoDB, which has raised $311 million venture capital.
But over the past year, the number of significant real-estate investments in Union Square shows that it’s much more than just Fred Wilson’s influence at work in the area.
The top three lease transactions of 2015 are BuzzFeed, which now occupies 194,000 square feet at 225 Park Avenue South, Gawker Media, which is in 58,900 square feet at 114 Fifth Avenue, and First Look Media in 58,206 square feet at the same location, according to a Union Square Partnership report published in May. New and expanded office tenants in Union Square also include Dropbox, Adobe Systems Inc. Hulu, Lippe Taylor, Pop2Life, Capital One Labs, The New Republic, and Compass.
The top sector in the area is “professional, scientific, and tech services,” with 1,514 firms, followed by retail with 1,393 firms. Among the top firms by number of employees is J. Crew, listed with 3,800 employees and Tory Burch, with 1,800. In total, 9,700 businesses are located within the half-mile radius of Union Square considered by the report, employing over 153,000 people.
What’s attracting all this talent? Not the rent. According to a May report by San Francisco-based real estate analytics firm Zumper, only two neighborhoods are more expensive than Greenwich Village, where Union Square technically is designated as being located. Average rent for a one bedroom apartment costs $3,850. In Chelsea it’s $3,920, and in Tribeca, $4,450. According to the same report, New York City was the second most expensive city in the United States, just behind San Francisco.
In an interview Wednesday, Union Square Partnerships managing director Scott Hobbs ventured his own theory as to why so many innovative companies are moving to his neighborhood. “The biggest reason is it’s a transportation hub,” he said. “You’ve got Williamsburg for creatives across the river, and midtown for business.” Trains that depart Union Square Station are the N, R, Q, 4, 5, 6, and L.
As for Cashmore, his explanation is much more simple. “What’s really great about Union Square is you can go get a coffee and bump into someone doing something interesting in tech,” he said.
That sinkhole that opened up on University Place between 11th and 12th Streets certainly was something.
From YIMBY.com:
Earlier this month, developer Ranger Properties paid $22,000,000 for two buildings at the corner of University Place and East 13th Street, in the heart of the Village near Union Square. Then EV Grieve reported that longtime stalwart University Place Gourmet had shuttered, along with a Chinese laundry around the corner on 13th Street.
Now plans have been filed to construct a seven-story apartment building on the site at 34 East 13th Street, and Adjmi Architects is designing. There will be six apartments spread across 15,550 square feet of residential space, for a very spacious average unit of 2,591 square feet. They’ll definitely be condos, with just one apartment per floor. Six stories of apartments will be stacked on top of 3,200 square feet of ground floor retail
Amenities listed on the Schedule A include a “private/public” roof deck (maybe there will be both!) and a gym in the cellar.
The 3,300-square-foot property is currently home to three buildings—a four-story apartment building on the corner that has University Gourmet on the ground floor, a single-story building housing a doggy day care, and a three-story apartment building with the laundromat.
Demolition permits have not yet been filed to knock them down.
Before Ranger Properties snapped up the assemblage for $1,100 per buildable square foot, the site hadn’t changed hands since 1980.
However, 34 East 13th Street will seem small compared to the 23-story tower planned one block south at 100 University Place. Harry Macklowe is developing the building, which will stand 309 feet tall and include 52 apartments. Other projects in the hood will also be high-end condos, including 17 East 12th Street and the nearly complete garage conversion at 12 East 13th Street.
It’s coming this fall, as part of a revamp once the Q train is redirected onto the new 2nd Ave. line.
The 4th Quarter Union Square Partnership Business Report, available here, has some interesting updates:
Union Square finished the year strong, with storefront occupancy in the BID1 reaching 91% in Q4 2025 (compared to 85% in Q4 2024). This growth reflects continued confidence in the district and demand from both national operators and emerging local players. Around Union Square Park, five long-vacant corner storefronts are slated to welcome new business openings in 2026, including global apparel anchor UNIQLO as well as Flight Club and Voodoo Doughnut, both new to NYC.
60 businesses opened in Union Square in 2025 (11 more than in 2024). Q4’s 16 openings ranged from top retailers like Pacsun, Ulta Beauty, and Aritzia (which expanded into a new space three times its previous size), to more intimate establishments like Maison Welles and Stars. Nespresso debuted its 13,000+ SF flagship that merges traditional retail with multi-sensory coffee tastings, interactive masterclasses, and a speakeasy. While Nespresso leads in scale, smaller coffee-forward openings include unique experiences this quarter, including Ioannis Coffee Chef’s “farm-to-cup” workshops and luckin coffee’s tech-driven model. With rising occupancy and a robust tenant pipeline, Union Square enters 2026 primed for an exciting year.
From the Greenwich Village Society for Historic Preservation:
NYU recently revealed its draft Environmental Assessment Statement and draft Scoping Document for its massive proposed zoning changes and taking of public land to allow its planned twenty-year expansion in Greenwich Village. These documents provide greater detail about what NYU is planning, what the potential impacts are of their proposed changes, and how NYU will be required to analyze those impacts for the public review process of their application.
Community Board #2 will be holding a public hearing on the documents and the response to them on Thursday, May 5 (time and location TBD). Following the Community Board hearing, the City Planning Commission will hold a hearing before the documents are finalized and the review and analysis takes place. This process is expected to take several months. After that, the public hearing, review, and approval process for the actual proposed zoning changes and transfers of public land may take place.