E-cigarettes are literally and figuratively hot, and they have arrived on 14th St. west of 5th.
Brandy Melville has arrived at the corner of 13th and 5th to sell high-end fashion to the neighborhood. It’s a far cry from the old deli or Lonestar Cafe.
From Crain’s New York Business:
The P.C. Richard & Son store near Union Square is going the way of the cathode ray television set and VCRs.
The city’s Economic Development Corp. has announced a request for proposals to redevelop a city-owned site at 124 E. 14th St. that for the past 19 years has been home to a two-level building occupied by the electronics and appliance store.
The EDC is encouraging developers to pitch projects that include new office space for booming industries in the neighborhood, such as technology and creative businesses. According to the city’s guidelines, the development could provide fledgling companies with the space to get started and also a location for young but established firms to transition from incubator and co-working spaces that have sprouted around the city into their own digs.
Proposals may also include residential space, although a spokesman for the city said the EDC’s goal is an office-focused development. Current zoning on the site, however, would seem to encourage a residential component. About 140,000 square feet of housing can be built at the address versus about 93,00 square feet of commercial space. A project could be a blend of the two.
Midtown South has become the city’s hottest office market, with space in the vicinity of Union Square especially popular for its access to transit, shopping, restaurants and tony residential neighborhoods.
“The current site of the PC Richard store will serve as a new tech hub in Union Square, capitalizing on the academic and transit advantages offered by the neighborhood and its proximity to the Flatiron district,” said Maria Torres-Springer, president of the EDC, in a statement. “This is just one example of how we are finding creative uses for the assets we have in a city where space is harder and harder to come by.”
Bids for the property are due by February, the spokesman said, which is the same month that P.C. Richard’s lease is set to expire.
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.
From the Times:
The countdown has begun to the closing of the 16th Street space that this influential restaurant has occupied for 30 years. The cafe, which was the first piece of Danny Meyer’s culinary empire, has been a favorite of New York’s publishing world and jump-started the renaissance of the Union Square area. But it will not renew its lease at a higher rent, and in the spring will relocate to nearby 235 Park Avenue South, at East 19th Street.
To mark the final days at its current spot, from Dec. 1 to 12, the last day of service, the restaurant will switch to a three-course dinner menu called the 12 Nights of Union Square Cafe, highlighting some of its best-known seasonal dishes, including garganelli with white truffles, beef tartare, lamb braciole and Berkshire rack of pork. There are optional wine pairings from some of the restaurant’s favorite producers. Lunches will feature the regular à la carte menu:
Dinner reservations Dec. 1 to 12 by phone only, $85 prepaid; lunch reservations up to 28 days ahead, opentable.com;
Union Square Cafe, 21 East 16th Street, 212-243-4020,
unionsquarecafe.com.
If there was any doubt about the national momentum on legalized marijuana use in America, consider this. There will be a medicinal marijuana dispensary off Union Square come January 2016. The dispensary on 14th Street between Second and Third Avenues will be run by Columbia Care, a New York City-based company that was awarded one of the state’s five licenses to open a medicinal marijuana shop. The selections were made in July, and companies are moving forward on grand openings.







