Union Square
The crossroads of downtown Manhattan. Greenmarket energy, diverse foot traffic, and strong restaurant demand year-round.
Walk Score
Walker's Paradise
Transit
Bike Score
Liquor Licenses
180
Sidewalk Cafes
45
About Union Square
Union Square sits at the crossroads of downtown Manhattan, where the legendary Greenmarket draws 60,000+ visitors on peak market days and creates a unique food-centric ecosystem that benefits surrounding restaurants and cafes. The neighborhood's transit hub status—served by 4, 5, 6, L, N, Q, R, and W trains—delivers unmatched accessibility.
The demographic mix is unusually diverse for Manhattan. NYU students, Union Square tech workers (Indeed, Squarespace), Greenmarket shoppers, and residential locals create multiple revenue streams throughout the day. Median household income exceeds $112,000, but the real story is foot traffic volume—Union Square consistently ranks among the top five pedestrian intersections in NYC.
For hospitality operators, Union Square offers rare all-day demand. Morning commuters fuel coffee and breakfast concepts. The lunch crowd from surrounding offices is enormous.
Greenmarket shoppers transition into afternoon diners. Evening brings date-night and pre-theater traffic heading to nearby venues. This sustained traffic pattern reduces the risk of single-daypart dependence.
The restaurant scene spans the full spectrum—from Danny Meyer's Union Square Cafe and Gramercy Tavern to fast-casual chains and food halls. The market rewards quality at every price point. Competition is fierce but the customer base is deep enough to support new entrants with strong concepts.
Landlords around Union Square include major institutional owners and REITs who maintain professional operations. Rents reflect the location's premium accessibility, running $100-$160/SF for restaurant space. The area has seen significant new development along Broadway and Park Avenue South, adding modern ground-floor retail to complement the neighborhood's older building stock.
Best For in Union Square
Commercial Rent Guide for Union Square
Current market rates for commercial space (annual rent per square foot)
| Space Type | Avg Rent/SF |
|---|---|
| Restaurant | $100-$160 |
| Bar/Nightlife | $80-$140 |
| Fitness | $60-$100 |
| Retail | $120-$200 |
* Rates are estimates based on recent market activity. Actual rents vary by specific location, condition, and lease terms.
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Demographics (Census Data)
Population
32,000
Median Income
$112k
Median Rent
$3,200/mo
Notable Businesses in Union Square
Restaurants
Union Square Cafe
Gramercy Tavern
ABC Kitchen
Bars & Nightlife
Old Town Bar
Pete's Tavern
Cafes
Irving Farm Coffee Roasters
Breads Bakery
Market Snapshot
Nearby Neighborhoods
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Frequently Asked Questions About Union Square
What you need to know about commercial real estate in this neighborhood.
What is the average rent for restaurant space near Union Square?
Restaurant space near Union Square ranges from $100-$160 per square foot annually. Broadway and 14th Street frontage commands the highest rents. Spaces on side streets between 14th and 17th offer better value while still capturing the area's foot traffic.
Is Union Square good for restaurants?
Union Square is excellent for restaurants at every price point. The all-day foot traffic from transit, offices, NYU, and the Greenmarket supports breakfast through dinner. Danny Meyer built his empire here for a reason—the customer base is deep, diverse, and food-conscious.
What type of hospitality concepts work best near Union Square?
All-day concepts perform exceptionally well in Union Square. The diverse foot traffic supports everything from fast-casual to fine dining. Farm-to-table concepts benefit from proximity to the Greenmarket. Quick-service lunch spots capture the massive office crowd. Evening dining attracts both locals and visitors.
What do I need to know about opening a restaurant near Union Square?
Opening a restaurant near Union Square requires $400K-$1M+ in startup capital. The area is served by Community Board 5, which is moderately receptive to new liquor licenses. Plan for high lunch volume—the office population within walking distance exceeds 100,000. Delivery and takeout are significant revenue channels given the transit hub location.
What are the liquor license rules near Union Square?
Union Square falls under Community Board 5, which reviews all new liquor license applications. The process is less restrictive than CB2 (West Village/SoHo) but still requires community notification and hearing. Wine and beer licenses are straightforward. The concentration of restaurants means the board is experienced with F&B applications.
What is the foot traffic like near Union Square?
Union Square has among the highest pedestrian counts in NYC. The transit hub serves 100,000+ daily commuters. The Greenmarket draws 60,000+ visitors on peak market days (Mon, Wed, Fri, Sat). Broadway and 14th Street are the highest-traffic corridors. Foot traffic is remarkably consistent across all seven days.
How competitive is the Union Square restaurant market?
Union Square is competitive but accessible. The deep customer base supports new entrants alongside established institutions. Prime Broadway frontage is the most competitive. Side streets between University Place and Park Avenue South offer opportunities for operators without national brand recognition.
What is the median income near Union Square?
Union Square median household income exceeds $112,000. The spending power is amplified by the massive daytime population of office workers, NYU students, and visitors. The customer base skews younger and more diverse than the Upper East Side or Tribeca, supporting a wider range of price points.
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