Q2 Economic Report: New Luxury Hotel Developments Align with NYC’s Tourism Rebound
Jul 27, 2022
Flatiron and NoMad saw high leasing volumes and stabilized availability rates for the second consecutive quarter with over 70 leases signed in Class A & B office buildings across the neighborhood.
New luxury hotels The Ritz-Carlton NoMad and The Ned both opened along Broadway and The Virgin, AKA NoMad, Le Meridien and The Fifth Avenue Hotel are set to open by 2023. This comes as NYC tourism is seeing a swift recovery.
37 new ground floor leases were signed this quarter, led by major anchor tenant Whole Foods Market at 63 Madison Avenue.
The Q2 2022 Economic Snapshot provides an economic snapshot of the district from April through June 2022.
