Q1 Report: Signs of Recovery in Flatiron and NoMad

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.

“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/23rdStreet Partnership. “Our neighborhood’s enduring assets – including its central location, world-class dining and retail, the Flatiron Public Plazas, and Madison Square Park – position it well to bounce back. That’s why we’re seeing a wide variety of businesses bet on Flatiron.”

Highlights from the Q1 Market Snapshot include:

• an increase in the number of commercial office leases from the low-water mark in Q3 2020, including two signings securing nearly 200,000SF combined.
• numerous national and local retail concepts opening or publicly announcing investments in the heart of the neighborhood.
• foot traffic approaching 50% of pre-pandemic levels.

The full report is available online, here.

The Flatiron/23rd Street Partnership, formed in 2006, is a nonprofit organization and Business Improvement District whose mission is to enhance the reputation of Flatiron and NoMad as two of New York's most vital and exciting neighborhoods. This is accomplished by maintaining a clean and safe environment for the district's businesses, residents and visitors; by spearheading area improvement projects; and by marketing the diverse business and retail options in this vibrant and historic neighborhood.