The Real Deal New York

Greenwich Avenue transformed, as Village prices skyrocket

One-third of all retailers along the street inked leases in the last five years

January 17, 2014 04:05PM

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The Greenwich Lane

A rendering of Greenwich Lane

More than a third of the businesses on Greenwich Avenue in the West Village are tenants who moved in in the last five years. And with Rudin Management’s new Greenwich Lane rising in the area, the changes have only just begun, it seems.

The replacement of the beloved Gray’s Papaya on the corner of Eighth Street and Greenwich with juice bar Liquiteria, news of which broke last week, is just the tip of the iceberg, according to the Wall Street Journal.

Partners & Crime Mystery Booksellers, at 44 Greenwich for 18 years, was ousted for a men’s clothing shop that starts its flannel shirts at $150, the Journal notes. A more expensive sushi restaurant, Jinya, has taken the place of the cheaper Funa Yama spot.

The once-controversial new Greenwich Lane luxury conversion by Bill Rudin that went up in place of the defunct St. Vincent’s hospital may be part of the reason, the Journal said, as shifting demographics change the sort of businesses that can thrive in the Village, once a Bohemian enclave. The average price per square foot at the 87-unit Greenwich Lane is about $3,500.

Still, some business owners are pleased with the changes, as their business models are suited to the increasingly posh transplants who continue to arrive in the neighborhood.

“It’s a great time to be here,” Joseph Mamazzo, who plans to open an oyster and wine bar in the area, told the Journal. “Everyone’s on their way up at the same time. It gives the neighborhood a great energy.” [WSJ] – Angela Hunt

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