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According to a report by New York Real Estate Journal, the area of Midtown Manhattan known as ’42 Below’ has seen retail occupancy grow 65% faster than Manhattan overall. The district, roughly bounded by Sixth and Eighth avenues and by West 30th and West 42nd streets, has seen a 19% drop in storefront vacancies over the past two years, with new food and fitness concepts moving in.
Why it matters
The growth in ’42 Below’ reflects a broader revitalization of the area below Times Square, which has historically struggled with high vacancy rates. The influx of new businesses and lower vacancy rates suggest the district is becoming a more vibrant, people-friendly environment for shopping, dining, and entertainment.
The details
According to the report by Live XYZ, a mapping and analytics firm, some of the notable new arrivals in ’42 Below’ include Sora, a complex of eight Japanese and Chinese food concepts in a 20,000 square foot space, and Kaza, a new Japanese restaurant. Fitness and personal care businesses also saw significant growth, increasing from 22 to 33 storefronts in the area.
Over the past two years, storefront vacancies in ’42 Below’ fell by 19%.
The players
Live XYZ
A mapping and analytics firm that tracks more than 160,000 storefronts across New York City.
Sora
A new 20,000 square foot complex in ’42 Below’ featuring eight Japanese and Chinese food concepts.
Kaza
A new Japanese restaurant that has opened in the ’42 Below’ district.
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The takeaway
The growth in ’42 Below’ reflects a broader revitalization of the area below Times Square, which has historically struggled with high vacancy rates. The influx of new businesses and lower vacancy rates suggest the district is becoming a more vibrant, people-friendly environment for shopping, dining, and entertainment.