Report: Mixed-Use Flatiron and NoMad Neighborhoods Thrive

(New York, N.Y.) – The Flatiron Nomad Partnership released its Q2 2023 Economic Report and Q2 Mobility Report for Manhattan's Flatiron NoMad district, featuring data on foot traffic, real estate , business openings, consumer spending, tourism, the residential population, and more. The report includes news and numbers from the second quarter of 2023 (April through June 2023), as well as longer trends and comparative data from before the pandemic. Together, the reports show a mixed-use district that has stabilized and is thriving—nearing and even surpassing some pre-pandemic metrics.

“These reports illustrate how the mixed-use nature of Flatiron and NoMad has been critical to their economic resilience and recovery,” said James Mettham, President of the Flatiron NoMad Partnership. “The pandemic showed that business districts' ground-floor economies can’t depend solely on office workers. While Flatiron and NoMad have attracted workers back in relatively high numbers, it’s been our district’s broader appeal, not just to companies and commuters, but also to residents, tourists, shoppers, and restaurant patrons from other parts of the city and beyond, that’s fueling our neighborhood’s economy.”

The Q2 Economic Report can be viewed here, and the Q2 Mobility Report can be viewed here. More numbers, context, and graphs are available in the reports. Key takeaways include:

• Since Q4 2022, employee foot traffic stabilized between 65% and 70% of pre-pandemic levels, well above the citywide average of 49%.
• Since Q4 2022, visitor and shopping foot-traffic stabilized between 75% and 85% of recovery from pre-pandemic levels.
  
• Dozens of new businesses opened in Flatiron and NoMad since 2022, with ground-floor retail vacancies dropping below 10%.
  
• Flatiron is one of the fastest commercial submarkets to rebound citywide and across the country, with spending across economic sectors nearly reaching or outpacing 2019 levels.
  • Spending at entertainment and recreation businesses has increased 116% over 2019.
  • Spending at restaurants and bars reached 90% recovery of pre-pandemic levels, significantly outpacing 2022 spending.
• Flatiron and NoMad’s residential population has grown 7-10% since 2019, with seven new high-end residential buildings opening since 2020, adding 580 new units to the neighborhood.
  
• In June (and each month of 2023), hotel room occupancy rates neared 2019 levels, outpacing other Manhattan neighborhoods.
  
• In June, average daily hotel room rates district-wide increased to $290.50 per night, continuing a 15-month streak of outpacing 2019 levels.
  
• NoMad, specifically, has continued to grow as a hospitality hotspot with the addition of five new luxury hotels, adding more than 1,200 rooms to the district, and eight trendy restaurants and cocktail bars since 2022.
  
• In Q2, following an announcement from NYC Mayor Eric Adams and DOT Commissioner Ydanis Rodriguez, Broadway from 25th to 32nd Streets was transformed with two new pedestrian plaza blocks, five blocks of shared streets with public seating and outdoor dining, and a two-way bike connection throughout—all part of the City’s “Broadway Vision” plan.
  • In June 2023, pedestrian counts on Broadway from 25th to 31st Streets outpaced 2019 levels.
  • This stretch of Broadway has prospered economically, with more than 30 ground-floor businesses opening recently, primarily in the food and beverage category.
    
• Q2 2023 Citibike ridership at Flatiron and NoMad stations surpassed Q2 2019 levels, marking the second consecutive quarter they outpaced pre-pandemic levels.
  
• Because of Flatiron and NoMad’s increasing residential population and tourism, weekend visitation to the district is rising while midweek visitation is stabilizing (graph available in the Q2 Mobility Report).

The Flatiron NoMad Partnership, formed in 2006, is a nonprofit organization and business improvement district that serves the businesses, people, and places that help make Flatiron and NoMad two of Manhattan’s most iconic and authentic destinations. Home to a range of retailers and employers, cultural and educational institutions, and a thriving residential community, the district is a center of activity.

The Partnership serves as a dedicated steward and supporter of public life in the district by maintaining a clean and safe environment; spearheading area improvement projects; and marketing and championing the diverse business and retail options in this vibrant and historic neighborhood.