New York, NY The Times Square Alliance reports that 175 businesses have recently reopened, in addition to 18 new brick-and-mortar businesses – many of which are restaurants, bars and fast-casual eateries – that opened during the pandemic.
“We are thrilled to see our local businesses continue to reopen, along with new businesses launching in our district,” said Tom Harris, acting president and COO of the Times Square Alliance. “When we were at the peak of the pandemic, our pedestrian traffic in Times Square was at a record low at 33,000 people per day. However, with the ongoing vaccination rollout, easing capacity restrictions and warm weather arriving after a year of living with the pandemic, we continue to see our vibrant district come back to life with approximately 138,000 pedestrians per day, which is the highest count since the start of COVID-19. We look forward to continuing to welcome back New Yorkers and visitors to Times Square, the center of New York City’s energy and vibrance.”
New and reopened businesses in Times Sq. includes:
In addition, major hotels including OYO Hotel Times Square, RIU Plaza New York Times Square, Westin New York at Times Square, W New York Times Square and Time Hotel have reopened, along with attractions and retail including Ripley’s Believe It Or Not! Times Square, H&M, Forever 21 and many others.
While Times Sq. is only 0.1% of the city’s land mass, it generates 7% of the city’s jobs and 15% of the total economic input ($58 billion in direct economic output and $47 billion in indirect economic output), contributing $2.5 billion in NYC taxes and $2.3 billion in NYS taxes annually.
The Times Square Alliance will be welcoming new visitors to the district with a full calendar of programing including major marquee events like Taste of Times Square and Solstice in Times Sq.: Mind Over Madness Yoga, albeit slightly re-imagined.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,