Highlights of 2022 Union Sq. Partnership Commerical Report

ByDon

Union Square-14th Street continues to demonstrate incredible resilience with strong signs that 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, we 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 draw of Union Square’s diverse retail, food, culture, health, and entertainment offerings, and Union Square Park, its crown jewel, produced positive outcomes with foot traffic and spending reaching near pre-pandemic levels.

Microsoft has leased 150K sf across 10 floors at The Bromley Companies’ 122 Fifth Avenue. The building is undergoing a complete renovation of its commercial and retail spaces, which also welcomed Allbirds to the ground floor in March 2022.

∫ The Zero Irving Tech Center made headlines as its first commercial tenants, Melio (25K sf), and Sigma (15.5K sf), signed leases in the state-of-the-art building, which is ontrack to open in 2022.

∫ NYU announced plans to relocate the Wagner Graduate School of Public Service to its formerly administrative
office space at 105 East 17th Street. It plans to open to its 864 students and 200+ faculty members in Fall 2024.

∫ Longtime district partner Barnes & Noble unveiled Union Square & Co, the name for a new subsidiary of Sterling
Publishing, further reinforcing the strength of the Union Square brand and neighborhood identity.

∫ Over 80K sf of retail space has been leased since 2020 to national brands, such as Allbirds and Sephora, and
newcomers, such as Rookie and Modern Age, who chose Union Square to locate their flagship storefront.

With over 76,000 residents and 145,000 employees within a 1/2 mile radius, Union Square remains one of NYC’s most desirable places to live and work.

∫ Its 2:1 employee to residential population and significant population density, 24% higher than Manhattan, make Union Square a true mixed-use neighborhood, supported by a diverse array of commercial businesses, retail, and restaurants.

∫ Union Square is comprised of 32.5% owner-occupied
housing, which is well above Manhattan’s 24%.

See the entire report here. 

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    The Union Square Partnership has proposed a wide-ranging collection of enhancement to remake Union Square Park, expanding its edges into the surrounding streets to make it a much bigger and more attractive pedestrian-oriented area. Click through the links in their letter below to see much more. 

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    The Union Square Partnership is proud to announce the release of the Union Square-14th Street District Vision Plan: a bold new vision for transforming Union Square-14th Street into New York’s most accessible space.

    The Wall Street Journal ran an exclusive today showcasing the Vision Plan, stating “…the plan’s ultimate goal is for parkgoers to know they have ‘arrived at a place that is special.'” Read the full article here.  

    Building upon USP’s past investments, including the renovation of Union Square Park’s north end, City initiatives like Parks Without Borders, the 14th Street Busway, and the pedestrianization of Broadway, along with the more than one million square feet of new private development underway, our Vision Plan focuses on five key improvements prioritizing accessibility, district-wide connectivity, and substantial increases in public open space.

    Designed in collaboration with Marvel, the Vision Plan is the culmination of a two-year-long engagement process working with community members, local business leaders, urban designers, transportation experts, and City and State agency partners. With over a thousand individuals engaged at twenty separate engagement events, it was the largest outreach effort in the Partnership’s 45-year history.

    We are sure you will have questions and feedback about the Vision Plan and there will be many opportunities to learn more. The first is our official Vision Plan: Launch Event hosted in collaboration with the Urban Design Forum on Tuesday, January 26th at 12:00 PM. Please RSVP here.

    Next, we will be hosting a series of Vision Plan: Community Conversations via Zoom to facilitate more robust discussions and gather feedback. Dates + times will be announced soon but you can express interest in attending a session here.

    To familiarize yourselves with the plan, we have launched a dedicated web page with a robust amount of detailed information about the Union Square-14th Street District Vision Plan. Click on the link below to download and read the full report, our info sheet, and press release, as well as view the annotated renderings. There is also an FAQ, which hopefully will address most of your initial questions. You can explore more via unionsquarenyc.org/vision.

    We look forward to fostering dialogue in the coming months that will guide our investments and set future priorities. It is my hope that as you review the Vision Plan that you will feel the impact of our collaborative community process and continue to share feedback as we move forward to the next stage.