Note that the entire western side of 3rd Ave. between 10th and 11th Streets save for the southernmost building has been bought up and is destined to meet the wrecking ball. The Greenwich Village Society for Historic Preservation says there are significant buildings with important stories on the block, but it seems unlikely the city will step in to stop redevelopment.
Japonica will leave its location as Bowlmor Lanes preps for demolition. It will move just one block south to 90 University Place.
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.
Next week (May 14 to May 18), Superstructure work will continue at the 18th floor level. The superstructure concrete work will be completed on the building buy the end of the month. Deliveries for the internal systems of the building have been ongoing and will continue, although they should not greatly affect the flow of pedestrian and road traffic.
The following week (May 21 to May 25), we will be working on the machine room levels on the 18th floor. Deliveries for the internal systems of the building have been ongoing and will continue, although they should not greatly affect the flow of pedestrian and road traffic.
This weekend the site will be open on Saturday, May 12th for superstructure related activities between the work hours of 7AM and 5PM as permitted by the City. To control noise levels within the site, work activities will be limited to the placement of formwork and concrete, plumbing and electrical work, rebar for concrete placement, using the crane and equipment to support all activities. Safety horns are used, and required by law, to coordinate lifting with the crane and to alert the workers of the danger overhead. We have directed the operators to limit the use of horns to one short sounding and to use the crane later in the day so as to avoid any excess noise. There will be steel work being done on the 5th Ave. side of the building. As a result there will be another crane on site to lift the pieces into place but it will sit in the site and will not affect pedestrian or motor traffic in the area.
Additionally, Con Ed will be doing street connections on 14th street.
This image looks south on 6th Avenue from 14th St. in 1909. It’s hard to imagine a time when there were so many elevated trains.
The latest from the New School:
Next week (January 17-21), Urban Foundations will continue to drill solder piles on 14th Street. The pile driving rig is scheduled to arrive on site, and will begin driving piles on 5th Ave, moving South. Loading out of debris and earth from the site will continue. Hand chopping of the existing foundation wall in the South East corner of 65 Fifth will also be taking place. Installation of the fence along the USC Courtyards will take place, followed by the removal of the existing protection.
The following week (January 23 – 28), Urban is anticipated to continue driving piles along 5th Avenue, then continuing to 13th Street moving East. Excavation of earth and installation of timber lagging between piles on 14th street is planned to begin. Loading out of debris and earth from the site will continue. Demolition of existing foundation wall in SE corner of 65 Fifth by hand chopping will continue.
It was huge hit when it arrived a year ago, but it looks like the Nutella Cafe has become another victim of COVID.