News Release: 2023 Q3 Biz + Broker
UNION SQUARE PARTNERSHIP RELEASES Q3 2023 BIZ + BROKER REPORT
New York, NY (October 25, 2023) - Union Square Partnership (USP) releases the 2023 Q3 Biz + Broker Report, which features the latest news and leasing metrics across Union Square-14th Street. This report highlights 28 available ground-floor retail spaces, ranging from 400 to 12,300 SF, that offer ideal opportunities for prospective tenants to take advantage of the district's prime location, 24/7 vibrancy, and rich amenities that make Union Square-14th Street one of the most desirable neighborhoods in NYC.
TARGET OPENS ON USQ EAST
For more than 100 years, Union Square has been a retail destination for interior design and home essentials. Iconic businesses like the S. Klein Department Store (1910-1975) established Union Square as a beloved destination for shoppers. It continues to be home to cherished local favorites like Fishs Eddy and ABC Carpet & Home. In recent years, Union Square's appeal has extended to national homeware retailers like Parachute, and soon-to-open Saatva, and Crate & Barrel.
Notably this month, Target opened a new 33K SF location at 10 Union Square East, the 100th store in the New York area and the largest retail space leased in Union Square since 2019. This new anchor promises to invigorate the neighborhood's economic landscape by creating more than 100 jobs and introducing an array of affordable home goods, groceries, personal care items, and more, enriching the shopping experience in the heart of Union Square.
Target’s opening on 14th street, along with the Petco + Vetco flagship location at 44 Union Square, heralds a resurgence of retail activity on the east side of Union Square Park.
GEARING UP FOR A BUSY FALL
Early fall is a bustling time in Union Square as new businesses open and students return to the neighborhood. In Q3, Union Square-14th Street welcomed 13 new businesses (see page 3 of the report), the highest quarterly volume of new business openings since 2019, and there were 34K SF of ground floor space leased. Coupled with these positive economic trends, visitor traffic in Union Square this quarter reached 97% compared to Q3 2019 levels, according to Replica.
There is much to look forward to in the coming months, with the highly-anticipated reopening of Upright Citizens Brigade in its new location in Union Square on 14th Street, the unveiling of the renovated W New York - Union Square and Seahorse Restaurant, experiential retail pop-ups, and the new public art installation "NYC Legend" in Union Square Park.
These destinations, along with Target, are responding to community's demand for Unique Retail or Cultural Institutions, Arts, and Grocery/Markets. According to the results from Union Square Partnership’s 2023 Community Opinion Survey, these types of businesses are the most frequently requested additions to the neighborhood.
Q3 BUSINESS OPENINGS
2nd STREET Union Square 110 University Place
Anderson's Martial Arts 12 East 14th Street
ansā* 827 Broadway
Happy Go Lucky Exhibit* 21 East 13th Street
Little Uluh 218 East 14th Street
Live by the Sword 7 East 14th Street
Nectar Allergy Center 176 3rd Avenue
NY Star Men and Spa 22 West 14th Street
Panda Express 237 East 14th Street
PJ O’Rourke ii* 36 East 18th Street
Ren* 31 East 17th Street
Renzo Gracie Academy 31 West 14th Street
Unregular Bakery 124 4th Avenue
* pop up or temporary exhibition
