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New York

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

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.

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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.

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Billy MackloweTAMI TenantsUnion Square