The planned opening of DearU’s Bubble House New York at 24 Union Square East — a nearly 10,000 square-foot signing we first reported in June — was the mere tip of the iceberg in the neighborhood’s commercial boom.
The Union Square Partnership business-improvement district reports a breathtaking office and retail leasing frenzy in the blocks around the park. The BID’s territory runs along 13th and 14th streets between First and Sixth avenues as well as on Union Square East and West from 14th Street to the south side of 18th Street.
On the office front, vacancies fell to a scant 12.9% compared to the overall Manhattan market’s roughly 15% vacancies.
Recent deals brought several prime buildings to 100% full, including 853 Broadway, 841 Broadway and 122 Fifth Ave. New leases included nonprofit Robin Hood’s 53,000 square feet at 841 Broadway; tech firm Profound’s 30,000 square feet at 5-9 Union Square West; and eBay’s 28,000 square feet at 122 Fifth Ave.
Retail leases such as Uniqlo’s 19,000 square-feet flagship at 860 Broadway and Nespresso’s 13,000 square-foot commitment at 85 Fifth Ave. were signed as the partnership celebrated major area milestones. Among them are the Union Square Greenmarket’s fifth decade, the Strand Bookstore’s approaching 100-year anniversary in 2027, and Paragon Sports’ 63-year presence at 867 Broadway.
Storefronts within the BID’s territory are 90.1% leased. Broadway between 17th and 18th streets is full for the first time since the block became a pedestrian mall in 2024.
And of course, the dramatic decline in crime made once-risky Union Square Park an oasis day and night.
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