Apr 27, 2021

The Partnership Releases The Flatiron & NoMad Real Estate Snapshot Newsletter, Q1 2021


A Letter From James Mettham

Dear Flatiron & NoMad business and real estate professionals,

 

Since 2006, the Flatiron 23rd Street Partnership has worked to enhance the reputation of Flatiron and NoMad as two of New York's most vital and exciting neighborhoods. We accomplish this by maintaining a clean and safe environment for the district's businesses, visitors, and residents; by spearheading public realm improvements; and by marketing the diverse business and retail options in our vibrant and historic neighborhood.

 

The impact the pandemic has had on our greater district cannot be overstated, but we are encouraged by early signs of recovery in and around the neighborhood. Flatiron & NoMad's enduring assets – its central location, world-class dining, retail and culture establishments, and iconic public spaces  – position us well for a bounce back. That’s why we’re seeing a wide variety of businesses bet on Flatiron.

 

As part of our work, Partnership staff closely monitors and analyzes economic indicators, data, and trends for Flatiron/NoMad. Each quarter culminates with the publishing of our Quarterly Market Snapshot along with a foot traffic report that shares pedestrian volumes passing through the Flatiron Public Plazas. These resources are paired with a real-time interactive Retail Opportunities Map that lives on our website.

 

Going forward, our team, led by Nicole Mandel and Kurt Cavanaugh, will package and send quarterly reports in a brief newsletter titled the Flatiron & NoMad Real Estate Snapshot. This newsletter will summarize links to the full reports highlighting trends and major economic news from the previous three months. The first of these newsletters will hit your inbox tomorrow. The Flatiron & NoMad Real Estate Snapshot is designed for you and your colleagues, so we welcome any and all feedback along with collaborative ideas.

 

If you’re new to the neighborhood or the Partnership, welcome! Please check out our website and let us know how we can best serve as a resource for you and your business colleagues. Feel free to click here to sign up for this newsletter as well as our general community weekly newsletter.

 

Respectfully,

James Mettham 

Executive Director

Missed the last newsletter? Click HERE to view Q1 2021 newsletter. 

Click HERE to sign up for future newsletters.  



 

PRESS RELEASE

Flatiron Partnership Releases Q1 Market Report,

Real Estate and Economic Trends Show Signs of Recovery in Flatiron & NoMad

(New York, N.Y.) – The Flatiron/23rd Street Partnership has released its Flatiron Quarterly Market Snapshot: Q1 2021, looking at real estate and economic data, news, and trends in Flatiron and NoMad from January through March 2021. The report shows a district in the early stages of recovery from the severe impacts of the COVID-19 pandemic.

 

“The impact that the pandemic has had on central business districts in Manhattan cannot be overstated, but we’re encouraged by signs of recovery in Flatiron and NoMad,” said James Mettham, Executive Director of the Flatiron/23rd Street Partnership. “Our neighborhood’s enduring assets – including its central location, world-class dining and retail, the Flatiron Public Plazas, and Madison Square Park – position it well to bounce back. That’s why we’re seeing a wide variety of businesses bet on Flatiron.”

 

Highlights from the Flatiron Quarterly Market Snapshot: Q1 2021 include an increase in the number of commercial office leases from the low-water mark in Q3 2020, including two signings securing nearly 200,00SF combined; numerous national and local retail concepts opening or publicly announcing investments in the heart of the neighborhood; and foot traffic approaching 50% of pre-pandemic levels.

 

Read the Flatiron Quarterly Market Snapshot: Q1 2021

Apr 19, 2021

Q1 2021 Flatiron Market Report

The Q1 2021 Quarterly Report provides an economic snapshot of the district from January through March 2021.

This quarter, Flatiron and NoMad’s commercial office leasing increased 63% compared to Q4, leading the Midtown South market. Sublet office space, however, continues to increase, but has leveled at roughly 25% of the total available space.

Ground floor retail leasing increased with deals completed in prime locations near Madison Square Park, the Flatiron Building, and along the 23rd Street corridor. New anchor tenants and retail experiences including The FRIENDS Experience (130 East 23rd Street) and the soon-to-open Harry Potter New York (935 Broadway) are drawing attention to available spaces nearby.


Click here for the Q1 2021 Market Report.

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