Great New Bakery Arrives on E. 16th St.

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

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.

Next week (January 7 to January 11),interior building material and equipment deliveries and installation work will continue on all floors inside the building as well as roof work.

The following week (January 14 to January 18),interior building material and equipment deliveries and installation work will continue on all floor as well as roof work.

This weekend the site will be open on Saturday, January 5th for interior and superstructure related activities between the work hours of 7AM and 5PM as permitted by the City.

At one time it was the ONLY Barnes & Noble, and now it’s done.

The sale of two units at Brack Capital Real Estate’s condominium conversion at 15 Union Square West may be set to shatter records for the sale of a single-family home on the square, the Corcoran Group’s Timothy Rothman told The Real Deal yesterday, since the new owner plans to combine them into one duplex spread. Rothman, a vice president at Corcoran on the Spiegelman team, represented a mystery foreign buyer in the deal for penthouse 11 and unit 10B at the building, which closed together yesterday for between $16 million and $17 million, he said, though he declined to give a specific price. The units were not on the market as a combination; their individual asking prices were $10.7 million and $6.5 million respectively. Rothman would not reveal the identity of the buyer due to a confidentiality agreement.

The New York Post offers this brief history of Union Square. It’s interesting to note that before the subway was built, the park was at street level. When the subway came through, the whole park was torn up and elevated several feet, which why you enter it via stairs today.