February 2025

Here’s what local folks are saying:

The Union Square Partnership reports:

Amid the broader success of the Union Square area in 2024, the performance of 14th Street between 1st and 6th Avenues stands out as exceptional. This segment alone welcomed 18 new businesses in 2024, including Q4 openings such as Adonis Barbershop, Upperz Café & Bar, Kamisama, and Harlem’s famous soul food restaurant Amy Ruth’s. These family-owned establishments enhance Union Square’s vibrant and diverse retail and food scene.

Thanks to strong leasing activity this quarter, the storefront vacancy rate along 14th Street between 1st and 6th Avenues has dropped to 9%, with just one available ground-floor listing east of Broadway.

According to LiveXYZ, this is below the average vacancy rate for Manhattan Business Improvement Districts (BIDs) (16%) and the vacancy rate for the Union Square Partnership BID as a whole (16%).

Beyond retail growth, investments in residential developments and transit upgrades have modernized 14th Street’s appearance and accessibility at Union Square’s western gateway. The completion of upgrades to the F/L/M/1/2/3 subway station at 6th Avenue has made the station fully accessible, complementing new residential landmarks like FÖRENA (540 6th Avenue) and 101 West 14th Street at the intersection’s northern corners. Meanwhile, construction is underway on a 71-unit condominium at 525 6th Avenue on the southwest corner, poised to complete the transformation of this important intersection.

From the Union Square Partnership:

Union Square’s fourth quarter performance capped a strong
2024, marked by year-over-year growth across key metrics:

Ground Floor Leasing: 49 new businesses opened in 2024,
with Union Square’s signature culinary scene driving 65%
of leasing activity.

Foot Traffic: An average of 370k daily trips in 2024
reflected a 4% increase over 2023, which itself saw a 15%
rise compared to 2022.

Consumer Spending: A 5% increase in 2024 over 2023,
fueled by higher spending at restaurants and bars (+7%),
entertainment (+18%), and retail (+3%), continuing upward
trajectories from 2023 (+8%) and 2022 (+17%).

In Q4, the district experienced a 23% surge in visits and a
28% jump in consumer spending during Urbanspace’s Union
Square Holiday Market, highlighting Union Square’s appeal for
unique experiences and shopping. With notable Q4 restaurant
openings such as Leon’s and Le Basque driving momentum,
18 new businesses are already set to debut in 2025. These
include Seahorse at the newly renovated W New York – Union
Square, Café Zaffri at The Twenty Two, and Flight Club,
signaling strong economic growth for the year ahead