W Hotel Gets a Serious Glow Up

ByDon

The W Hotel has undergone a $100 million renovation, including new restaurants and a new rooftop bar. With room rates now at $650, it’s pretty high-end.

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  • Union Square Is Hot for Retail

    ByDon

    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.

  • It’s Official: Virgin Store to Close

    ByDon

    From the NY Times:

    The latest record store to close in New York is a big one: the Virgin Megastore in Union Square. Following its announcement last month that the Times Square Megastore would close down in April, Virgin Entertainment Group North America will shut down the Union Square shop in late May or early June, a spokeswoman said, confirming a report in Billboard. Virgin will also close its Market Street store in San Francisco in April. The New York closures will leave Manhattan without a large-scale record store. Thousands of music retailers have shut down in recent years as CD sales have plunged, and Virgin has been closing most of its locations around the country since it was bought by the real estate companies Vornado and Related in 2007, but its high-traffic New York stores were said to be profitable.