New York & Tri-State + Retail | April 26, 2021

Flatiron/NoMad Commercial Market Showing Signs of Rebound

The Flatiron/23rd Street Partnership has released its Flatiron Quarterly Market Snapshot: Q1 2021, looking at real estate and economic data, news, and trends in Flatiron and NoMad from January through March 2021. The report shows a district in the early stages of recovery from the severe impacts of the COVID-19 pandemic.

Highlights from the report include an increase in the number of commercial office leases from the low-water mark in Q3 2020, including two signings securing nearly 200,00 square feet combined; numerous national and local retail concepts opening or publicly announcing investments in the neighborhood; and foot traffic approaching 50% of pre-pandemic levels.

“The impact that the pandemic has had on central business districts in Manhattan cannot be overstated, but we’re encouraged by signs of recovery in Flatiron and NoMad,” said James Mettham, executive director of the Flatiron/23rd Street Partnership.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).