Hudson Square BID introduces ‘parklets’
to enhance the outdoor dining experience
BY FANNI FRANKL
The Hudson Square Business Improvement
District (BID) recently
unveiled a new outdoor dining initiative
called “parklets” to aid restaurant
owners during the pandemic.
These “parklets” use the parking space
provided to the restaurants to enhance the
outdoor space and to create a neighborhood
that is welcoming to workers and
customers as businesses reopen. The new
development is part of New York City’s
‘Open Restaurants’ initiative to provide
restaurants with more outdoor seating to
welcome as many customers as possible.
The “parklets” provide expanded seating
next to the street consistent with the City’s
requirements. The neighborhood has seen
a large decline in foot traffi c during the
coronavirus.
Restaurants Getting Hungry, Adoro
Lei and Houseman are the first three
restaurants in the Hudson Square
neighborhood to have the spaces
installed in a neighborhood that is
characterized as being predominantly
a commercial business district. The
Hudson Square BID additionally provided
these restaurants with planters,
furniture and umbrellas to further liven
up the curbside spaces and make them
as inviting as possible.
Suzy Chnagar, Vice President of Marketing
and Communications at the Hudson
Square BID commented about the challenges
businesses had to face during the
coronavirus and how they have helped
alleviate some of their troubles.
“Hudson Square is primarily a business
neighborhood and we have defi nitely felt
the strain from these businesses,” she
said. “The residential spaces have started
to come back but it hurts that these businesses
were affected so much. We provide
amenities in the public realm to try and
create these inviting spaces that people can
return to.”
Ned Baldwin, owner of the restaurant
Houseman, noted that Hudson Square BID
was very helpful in putting them back on
their feet, especially in a city where it is
easy to be forgotten.
“We’re getting 15-25% of our normal
sales which is not great. I think the BID
revenue is fantastic, though, because I get
a lot of attention,” he said. “There are not
very many retail businesses in the Hudson
Square BID since it’s a lot of advertising
and design. If I was in the West Village,
I would be competing with hundreds; it’s
quieter down here.”
The Hudson Square BID has since been
PHOTO COURTESY OF HUDSON SQUARE BID
involved with providing crossing guards,
planting trees and painting graphic designs
on the streets to refl ect the color and artistry
found throughout the neighborhood.
“The best way we can help our retailers
right now is make the neighborhood a place
where people want to be. The public realm
has an important role to play in providing
the outdoor space we need to support
our businesses during COVID,” said BID
President and CEO, Ellen Baer. “Parklets
are an important fi rst step.”
Hell’s Kitchen property to be refinanced for
$15 million, New York firm announces
BY EMILY DAVENPORT
A Hell’s Kitchen property has been refi nanced for millions of dollars by a
New York commercial real estate fi nancing fi rm.
Marcus & Millichap Capital Corp. (MMCC) announced that the fi rm
will be fi nancing 521-523 W 48th Street for $15,000,000, according to Regional
Manager/Vice President John Krueger. The property consists of 45 multifamily
units located in the Hell’s Kitchen neighborhood.
The client is the property’s original developer.
The seven-year loan was structured with a 75% loan-to-value and a 3.125%
fi xed interest rate. The loan was arranged by Steven Rock, of MMCC’s Westchester
offi ce, and Christopher Marks, of MMCC’s Manhattan offi ce.
“This refi nance represents the ongoing value of the property, which has managed
to retain strong occupancy and collection rates despite the COVID-19
health crisis, said Rock.
PHOTO COURTESY OF MARCUS & MILLICHAP CAPITAL CORP
4 July 23, 2020 Schneps Media