What’s Business Like on the North Side of Murray Hill?
In the next post in our New York Business Insights series — in which we explore opportunities for buying and selling a business in a given neighborhood — we take a look at the 10017 zip code, which maps to the northern portion of Murray Hill.
The Business Environment in 10017 (North Murray Hill)
Based on US Census data, total number of business establishments in 10017 have been declining by about 0.22% over the past five years, putting the approximate total count of the number of establishments in 10017 at 4,979. Interestingly, though, the decline in establishment is NOT coupled with a drop in employee count; in fact, employee count in the zip code is actually growing by about 1.99% annually, to a total of about 148,113 employees. A drop in establishment count, coupled with an increase in total employees, suggests the potential for some kind of industry consolidation to have occurred, or alternatively, a shift in the composition of industries in the 10017 zip code. The decline in establishments and the rise in employees is met with a rise in average salary, as salaries have been rising by about 1.13% annually. Consistent increases in salary may help ensure workers in the area have the capital needed to support local businesses.
A Look at the Demographics of 10017
According to tax returns from the IRS approximately 12,150 were filed from the 10017 zipcode in the most recent year of publicly available data, giving it more filed tax returns than 85.09% of the New York City zip codes we’re observing. If population age is a factor for businesses you’re buying or selling, note that in 10017, the 65+ age group makes up about 24.28% of the tax return filers. On the flip side, we saw that 1.65% included a childcare credit, which may shed insight into the size of the presence of young families in the zip code. Here’s a chart summarizing the key demographic attributes of 10017:
Highlights From Tax Returns Filed in 10017
As for the demographic breakdown of 10017, here are some of the facts we found to be especially worth observing:
- The growth rate in salary, which we noted earlier, is higher in 10017 than it is in 95% of other zip codes in New York.
- Joint tax returns have been growing in 10017 as well, suggesting new household formation is occurring. Relative to other zip codes, the growth in jointly filed tax returns is higher than that of over 90% of New York City’s zip codes.
Have additional questions on buying or selling a business in 10017? We’ll be happy to help you as best as we can. Just drop VNB Business Brokers a line.
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Salaries in Murray Hill are Growing
Looking for insights to help you buy or a sell a business in New York? Our New York Business Insights section may be of interest to you; it’s where we review each zip code in New York and evaluate the economic environment there based on data from the US Census and IRS. The article below summarizes our findings from the 10016 zip code.
The Business Landscape in 10016 (Murray Hill)
The total number of business establishments in 10016 have been averaging a yearly growth rate of about -0.53% annually over the past 5 years (as reported by US Census data), thus constituting a consistent annual decline. In absolute terms, the estimated number of business establishments in the 10016 zip code was reported to stand at 5,776 as of 2017. Interestingly, though, the decline in establishment count is NOT coupled with a drop in employee count; employee count in the zip code is actually growing by about 1.12% annually. A drop in establishment count coupled with an increase in total employees suggests the potential for some kind of industry consolidation to have occurred. The decline in establishments and the rise in employees is met with a rise in average salary, as salaries have been rising by about 3.31% annually. Falling business establishment count, coupled with rising employee and salary count, may suggest mature industries are finding their home in 10016. If this holds true, mature industries may help stabilize the environment and create repeat customers for local businesses in the area.
A Look at the Demographics of 10016
Looking at the most recently available tax returns from the IRS (2017), we see that there were 32,720 tax filings from the 10016 zipcode, giving it more filed tax returns than most other zip codes in New York City. Regarding the age of the zipcode’s residents, note that elderly returns amounted to 17.54% of all of its tax returns. Here’s a chart summarizing the key demographic attributes of 10016:
Highlights From Tax Returns Filed in 10016
As for the demographic breakdown of 10016, here are some of the facts we found to be especially worth observing:
- The salary of Murray Hill tax filers is especially noteworthy; its average salary of $91,472 make it wealthy in comparison to other zip codes and the United States at large.
- As we noted earlier here, the growth rate of salaries in 10016 is 3.31% — a growth rate that surpasses the salary growth rate in about 85% of zip codes in New York City.
Have additional questions on buying or selling a business in 10016? We’ll be happy to help you as best as we can. Just drop us a line.
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Business Activity Shows Some Signs of Decline, But Incomes Remain Solid in the Meatpacking District
The New York Business Insights section of VNBBrokers.com is dedicated towards helping individuals understand opportunities to buy or sell a business in a given neighborhood within New York City. In this entry, we’ll explore zip code 10014, affectionately known as the Meatpacking District.
The Business Landscape in 10014 (Meatpacking District)
The total number of business establishments in the 10014 zip code, generally known as as part of the Meatpacking District, have been in decline, dropping 1.45% annually over the past year (as reported by US Census data). This puts the approximate total count of the number of establishments in 10014 at 2,329. As is to be expected from a falling count of business establishments, the total number of employees in 10014 is also down, but slightly less; employee count fell by 0.39% over the past year. Interestingly, the decline in establishments and employees in 10014 is actually resulting in higher average salaries: the average salary in 10014 has been increasing by about 5.06% annually. Is this suggesting that business activity is declining, and establishments are favoring preserving higher wage employees?
A Look at the Demographics of 10014
According to tax returns from the IRS approximately 18,720 were filed from the 10014 zipcode in the most recent year of publicly available data, which is substantially higher than most other zip codes in Manhattan. As for insights into age, we should note that elderly returns (filed by those 65 or older) accounted for 20.3% of all returns in 10014. Here’s a chart summarizing the key demographic attributes of 10014:
Highlights From Tax Returns Filed in 10014
The most striking aspects of the tax return data from 10014 of the Meatpacking District relates to salary and unemployment data, which have gone in the right direction over the past year. As noted above, salaries are up, and supporting this notion is that unemployment claims on tax returns are down 17% from the year prior. So while business activity is declining by some measures, measures of income remain solid.
Have additional questions on buying or selling a business in 10014? We’ll be happy to help you as best as we can. Just drop us a line.
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For Business Buyers and Sellers, Tribeca is a Maturing Economy
If you’re interested working with a business broker to buy or sell a business in New York, a step you may find worth your while is to understand the economic climate of the specific neighborhood or the business in question. Our New York Business Insights section is dedicated specifically to helping you understand the environment in the various regions of New York City.
The Business Environment in 10013 (Tribeca)
The total number of business establishments in 10013 have been averaging a yearly growth rate of about -0.77% annually over the past year (as reported by US Census data); this constitutes a decline. In absolute terms, the estimated number of business establishments in the 10013 zip code was reported to stand at 5,171 as of 2017. Interestingly, though, the decline in establishment is NOT coupled with a drop in employee count; employee count in the zip code is actually growing by about 2.99% annually. A drop in establishment count coupled with an increase in total employees suggests the potential for some kind of industry consolidation to have occurred. The decline in establishments and the rise in employees is met with a rise in average salary, as salaries have been rising by about 2.26% annually. Falling business establishment count, coupled with rising employee and salary count, may suggest mature industries are finding their home in 10013.
A Look at the Demographics of 10013
Looking at the most recently available tax returns from the IRS (2017), we see that there were 15,140 filed from the 10013 zipcode, giving it more filed tax returns than 89.86% of the New York City zip codes we’re observing. By New York City standards, this is not a particularly elderly area; on a proportional basis, just 11% of zip codes in New York City have a higher percentage of its residents in the 65+ age bracket. In terms of trends, about 18% of residents list a mortgage on their tax return, and this amount appears to be growing at a rate of 0.15% per year. For context, that’s a higher growth rate than about 70% of zip codes in New York City.
Here’s a chart summarizing the key demographic attributes of 10013:
Have additional questions on buying or selling a business in 10013? We’ll be happy to help you as best as we can. Just drop us a line.
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What to Know About Businesses for Sale in Soho
Want to understand how businesses for sale in a given New York City neighborhood are faring? Our New York Business Insights series takes a deep dive in to each of the zip codes in Manhattan to understand the opportunities and risks they present.
The Business Environment in 10012 (Soho and Noho)
verall, the business environment in 10012 is down, with the number of establishments having a yearly growth rate of about -0.55% per year from 2012 through 2017 (the last year of publicly available US Census data). In absolute terms, the estimated number of business establishments in the 10012 zip code was reported to stand at 2,871 as of 2017. As is to be expected from a falling count of business establishments, the total number of employees in 10012 is also down — averaging a drop of about 7.04% per year over the period observed. Given its boundaries, rangebound traders may find it compelling to entertain selling, as we are nearer to the top of the range. Interestingly, the decline in establishments and employees in 10012 is actually resulting in higher average salaries: the average salary in 10012 has been increasing by about 5.38% annually. Is this suggesting that business activity is declining, and establishments are favoring preserving higher wage employees? Incidentally, the average salary residents in this zip code is about $68,809 — which puts it in the top 2% of New York City zip codes.
A Look at the Demographics of Noho & Soho
Looking at the most recently available tax returns from the IRS (2017), we see that there were 12,540 filed from the 10012 zipcode, giving it more filed tax returns than 85.78% of the New York City zip codes we’re observing. In other words, this is one of the more densely populated areas of New York City, and thus a potentially interesting location for any business that thrives on a large local population. Also of note is that less than 2% of tax filters reported an unemployment claim, further supporting the notion that the zip code is home to a substantial amount of wealth, even by New York City standards. The chart below illustrates some other demographic attributes of the 10012 zip code.
Have additional questions on buying or selling a business in 10012? We’ll be happy to help you as best as we can. Just drop us a line.
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Is Stuyvesant Park an Opportunity for Small Businesses?
VNB Brokers is developing a series of blog posts centered on specific neighborhoods in New York City to help buyers and sellers of small businesses alike understand the risks and opportunities in the various regions within the city. For other posts in this set, visit the New York Business Insights section of our web site.
The Business Environment in 10010 (Stuyvesant Park)
Overall, the business environment in 10010 is down, with the number of establishments having a yearly growth rate of about -0.56% per year from 2012 through 2017 (the last year of publicly available US Census data). In absolute terms, the estimated number of business establishments in the 10010 zip code was reported to stand at 2,983 as of 2017. Interestingly, though, the decline in establishment is NOT coupled with a drop in employee count; employee count in the zip code is actually growing by about 0.84% annually. A drop in establishment count coupled with an increase in total employees suggests the potential for some kind of industry consolidation to have occurred. The decline in establishments and the rise in employees is met with a rise in average salary, as salaries have been rising by about 0.24% annually. Falling business establishment count, coupled with rising employee and salary count, may suggest mature industries are finding their home in 10010, and thus a degree of consolidation and stability is occurring in the area.
As for which industries are growing quickly in 10010, Caterers may be worth looking into. There are only about 5 caterers in the zip code, but the number has been growing annually — and caterers are also a growing industry in the neighboring zip code of 10009. For entrepreneurs seeking trends, this may be something worth digging deeper into.
A Look at the Demographics of 10010
Looking at the most recently available tax returns from the IRS (2017), we see that there were 17,540 filings from the 10010 zipcode, giving it more filed tax returns than 92.62% of the New York City zip codes we’re observing. If population age is a factor for businesses you’re buying or selling, note that in 10010, the 65+ age group makes up about 20.81% of the tax return filers — in other words, this is a demographic populated by senior citizens. Moreover, about 20% of returns report a mortgage, so Stuyvesant Park has a reasonable representation of landlords/homeowners in its confines.
Here’s a chart summarizing the key demographic attributes of 10010:
Have additional questions on buying or selling a business in 10010? We’ll be happy to help you as best as we can. Just drop us a line.