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Posted on 4/14/09
Unlike 5th Avenue, which has transformed itself in response to evolving consumer trends (see previous article), the Meatpacking District is a native, cutting edge answer to the desire today’s consumers have for a design driven live, work, play, stay destination. It is the most exciting new neighborhood since Soho in the 1980’s but it has taken that model of urbanization to all new levels of appeal and profitability. The Meatpacking District is a prime example of what economists call positive agglomeration economies – destinations that accrue urbanization benefits from the concentration of complementary activities and amenities. |
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"The Meatpacking District’s advantage is that it is a true live, work, play, stay destination. It has many of the same points of appeal that SoHo had in the 1980’s, but even more advantages for a broader array of tenants." |
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Today in the Meatpacking District luxury boutiques including Alexander McQueen and Stella McCartney are juxtaposed with lifestyle brands like Apple and Puma. Older buildings with massive floor plates have been successfully converted into headquarters for companies with demanding infrastructural needs like Google, the Food Network and Euro RSCG. While Morimoto and Del Posto provide sleek venues for executive lunches and dinners, Pop Burger, Son Cubano and Chelsea Market serve more budget conscious employees with a diverse array of cool fare at approachable prices. The late 2009 opening of The High Line promises an utterly dynamic green space lined with classic New York cultural destinations and high profile residences by even higher profile architects. The High Line will be just the second elevated park in the world; the first, Promenade Plantée, was built in the early 1990’s on a rail viaduct near the Bastille in Paris. All of the pieces are in place for the Meatpacking District to continue its upward trajectory as the hottest new business and recreational location in Manhattan. Media, fashion, entertainment and hospitality companies looking to position themselves for the market upswing should take advantage now of what is still an underexploited neighborhood. PBSRE is the exclusive agent for two exceptional commercial properties at the center of this neighborhood, 414 West 14th Street and 415 West 13th Street, and recently closed transactions for Vince and Tory Burch in the area. |
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