WATCH: A number-by-number breakdown of Union Square — NYC’s “Silicon Alley”

Resi, commercial development is thriving -- here's what's behind the boom

TRD New York /
Jun.June 07, 2017 08:30 AM

Thanks to TAMI tenants like Facebook, Hulu and BuzzFeed leasing office space in the area, Union Square recently acquired a new moniker: Silicon Alley. Despite push back from preservationists, the city and developers are both pouring cash into this thriving sliver of Manhattan.

Such new developments include a 15-story mixed-use tower at 809 Broadway and Billy Macklowe’s 21 East 12th Street, a 52-unit condo tower with asking prices starting at $2.4 million. In February, the de Blasio administration unveiled renderings for the proposed Union Square Tech Hub, a 258,000-square-foot building that the city claims will add 600 jobs to the already flourishing tech industry.

To see a breakdown of the numbers behind the development of Manhattan’s Silicon Alley, watch the video above.

For more videos, visit The Real Deal’s YouTube page.

Related Articles

21 East 12th Street with Charles Kushner and Seryl Kushner (Credit: Getty Images)

Kushner trust buys at Billy Macklowe’s Greenwich Village condo

Julie and Billy Macklowe upsize at
1001 Fifth Ave

The Strand’s building could become an official landmark despite owner’s opposition

California firm to buy Billy Macklowe’s Midtown office tower for $130M

Here’s what’s filling the gap left by shuttered diner, Coffee Shop, in Union Square

This is how Westbrook is funding its buy of the Union Square W Hotel

The Blue Man Group’s school is opening a new 45K sf school in the Seaport

Vornado refis 4 Union Square South with $120M loan