Reminder: Shareholders’ Meeting

The annual shareholder’s meeting will take place on Wednesday June 30th at 7PM at the Seafarers’ and Interational House at 123 East 15th St, second floor.

At the meeting, the Board of Directors will be seeking at least one new member. If you wish to become a candidate for the Board and have your name placed on the ballot, please feel free to provide a short biography of yourself via fax (212) 986-0002 or e-mail to ymartinez@akam.com. The Board will also welcome nominations at the meeting itself.

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  • Darts, Anyone?

    State of Play Hospitality group has signed a lease to open Flight Club, a technology-enabled darts gaming facility, at 31 Union Square West in Flatiron, Manhattan. This will be the group’s first venue in Manhattan, and its ninth lease for the Flight Club brand in North America. The location will be a global flagship for the brand. Flight Club will occupy a 10,700-square-foot space at 31 Union Square West, a 16-story Renaissance Revival building designed by architect Bruce Price. The building was constructed in 1902-03 as the headquarters of the Bank of Metropolis. It was designated a city landmark in 1988 and was added to the National Register of Historic Places in 2003.

    The brand’s new location is scheduled to open in late 2025, joining the building’s history of housing venues like Zippers nightclub in the early 1980s, Metropolis restaurant and club in the late 1980s, and Blue Water Grill from 1996 until recently.

    “We’ve been looking for the right real estate opportunity to land Flight Club in New York for over five years, and this site has the potential to be a genuine landmark for the city and the group,” said Toby Harris, CEO of State of Play Hospitality. “Both 31 Union Square as a building and the stunning split level Flight Club space are as close to the physical brief for the brand that we could wish for. I’m confident that by complementing and retaining the character of the building, we will be able to do it justice.”

    Since launching the first U.S. Flight Club in Chicago in 2018, State of Play has expanded the brand to Boston, Houston, Atlanta, Las Vegas, and Denver, with new venues set to open in Washington D.C. and Philadelphia in late 2024.

  • Business on the Increase Around Union Square

    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.

  • Union Square 4th Quarter Surge Statistics

     

    From the Union Square Partnership:

    Union Square’s fourth quarter performance capped a strong
    2024, marked by year-over-year growth across key metrics:

    Ground Floor Leasing: 49 new businesses opened in 2024,
    with Union Square’s signature culinary scene driving 65%
    of leasing activity.

    Foot Traffic: An average of 370k daily trips in 2024
    reflected a 4% increase over 2023, which itself saw a 15%
    rise compared to 2022.

    Consumer Spending: A 5% increase in 2024 over 2023,
    fueled by higher spending at restaurants and bars (+7%),
    entertainment (+18%), and retail (+3%), continuing upward
    trajectories from 2023 (+8%) and 2022 (+17%).

    In Q4, the district experienced a 23% surge in visits and a
    28% jump in consumer spending during Urbanspace’s Union
    Square Holiday Market, highlighting Union Square’s appeal for
    unique experiences and shopping. With notable Q4 restaurant
    openings such as Leon’s and Le Basque driving momentum,
    18 new businesses are already set to debut in 2025. These
    include Seahorse at the newly renovated W New York – Union
    Square, Café Zaffri at The Twenty Two, and Flight Club,
    signaling strong economic growth for the year ahead