City to Redevelop P.C. Richard Site into New Tech Hub

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Today, New York City’s Economic Development Corporation (EDC) announced plans to redevelop a city-owned site currently occupied by P.C. Richard & Son located within the Union Square district at 124 East 14th Street.  A call for proposals includes guidelines encouraging developers to build office space that targets startups that outgrow incubators and coworking spaces. “The current site of the P.C. Richard store will serve as a new tech hub in Union Square, capitalizing on the academic and transit advantages offered by the neighborhood and its proximity to the Flatiron district,” Maria Torres-Springer, president of the EDC, told Crain’s in a statement. “This is just one example of how we are finding creative uses for the assets we have in a city where space is harder and harder to come by.” Bids for the property are due by February.

Union Square’s central location and accessibility to transit, shopping, restaurants, and residential neighborhoods make the site ideal for technology and creative businesses, with Midtown South considered one of the city’s hottest office markets. “The Union Square Partnership is thrilled that NYCEDC is developing 124 East 14th Street as a new commercial hub for 21st century businesses,” said Jennifer Falk, Executive Director of the Union Square Partnership. “This is another terrific example of NYCEDC finding creative solutions for businesses, which are hard pressed to find adequate space. As the development moves through the public review process, we look forward to working with Commissioner Torres-Springer and await the opening of the new facility and the vital jobs for New Yorkers it will create.”

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