Between 14th and 15th Streets
New York, NY

The Property has an outstanding location at the southeast corner of Union Square in New York, at the intersection of East 14th Street and Union Square East. Union Square is one of the most sought after retail locations in New York City. It attracts customers almost 'round-the-clock' from three distinct consumer segments: residential, day-time workers, and destination retail. Its vibrant location has drawn attention from many national retailers.

There is an extremely high volume of pedestrian traffic at this location. The 14th Street Union Square Subway station, located at the base of the Property, is among the busiest stations in New York City. According to representatives of the Metropolitan Transit Authority, over 250,000 passengers a day enter or exit the station for the L, N, R, 4, 5, and 6 lines. The station recently completed a $40,000,000 renovation project. The PATH trains to New Jersey are two blocks to the west of the Property at 14th Street and 6th Avenue. Several bus uptown and cross town routes stop directly in front of the Property along Union Square East and 14th Street.

Union Square Park itself has benefited from a $4,000,000 total renovation, and re-landscaping, similar to the transformation of Bryant Park. The renovation has served as a symbol of the economic revitalization of Union Square. The Union Square Business Improvement District (BID), formed in 1984 to assist in the economic revitalization of the Union Square area, provides supplementary daily sanitation and security service.

Major Union Square tenants include Barnes & Noble, Babies "R" Us, Staples, DSW, Whole Foods, Jamba Juice, as well as the Union Square Greenmarket which attracts thousands for fresh produce. Other tenants in the Union Square area include Paragon Sports, ABC Carpet, Diesel Jeans, American Eagle Outfitters, Sephora, Verizon, and Circuit City. These destination retailers attract a high volume of additional shoppers positively impacting foot traffic.

A mixed use development containing 240,000 square feet of pre-leased retail space and 240 residential units directly across the street from the Property was completed in 1999. New retail tenants include such destination nationwide and international retailers as Virgin Mega Store, Circuit City (the largest in the chain), Sports Authority, and a 14 screen, 3,500 seat United Artists Theater multi-plex entertainment center.

Also directly across the street is a 640 student New York University dorm, completed in September, 1998. Additionally, a new 15 story NYU residential tower was recently completed.

Some of New York's most popular restaurants are in the area including Union Square Cafe, Mesa Grill, Gotham Bar & Grill and Gramercy Tavern, which add to the daily and night time pedestrian traffic.

Institutions of higher education in the area include New York University, The New School, Parsons School of Design, Cooper Union, Cardozo School of Law, and The School of Visual Arts. The presence of these institutions increases the number of younger shoppers.

The Union Square area is considered part of the Midtown office submarket which has a labor pool of approximately 180,000 people. This area is currently one of the strongest office submarkets in New York City, with an overall vacancy rate of 3.4% according to Cushman & Wakefield, and is anticipated to continue to improve. Additional office employees will also augment retail traffic in the area.

Business publications including The New York Times, Crains, New York Business and Real Estate Weekly have published articles which highlight that Union Square is currently one of the most sought after retail destination locations in New York City.

The New York Times notes, "The improvements in restaurants and retail stores are being reflected in a demand for nearby office space and retail space."

Real Estate Weekly adds, "The 14th Street area is one of the city's most popular shopping destinations and has experienced unprecedented retail activity making Union Square one of the most sought after retail areas in Manhattan."

For further information and inspection, please contact:

For further information and inspection, please contact:
FRED C. POSNIAK, Senior Vice President
Phone: (212) 850-2618
Fax: (212) 986-8795
Email: fposniak@wmproperties.com