New York Business Insights Archives – Page 2 of 3

by VNB Business BrokersFebruary 20, 2020 New York Business Insights0 comments

What’s it Like for Small Businesses in 10009? (East Village)

VNB Brokers is developing a series of blog posts taking a deep dive into the opportunities available for small businesses in each of New York City’s inner neighborhoods. To help buyers and sellers of small businesses alike understand the risks and opportunities in businesses for sale throughout New York City, VNB Brokers is creating a series of blog posts exploring opportunities in the various zip codes of New York City. For other posts in this set, visit the New York Business Insights section of our web site.

The Business Landscape in 10009

The total number of business establishments in 10009 have been averaging a yearly growth rate of about 1% annually over the past year (as reported by US Census data). In absolute terms, the estimated number of business establishments in the 10009 zip code was reported to stand at 1,236 as of 2017. As you might expect to be the case when business establishment count is rising, the total number of employees in 10009 is also up — averaging an annual growth rate of about 2.15% over the period observed. To complete the trifecta is the growth in average salary: the current average salary in 10009 is estimated to be $45,354, and has enjoyed a growth rate of approximately 2.43% over the past 5 years. Growing establishment counts, employee counts, and average salaries suggests the business climate for 10009 is pretty hot.

In terms of the specific industries that are growing in 10009, Caterers is one that seems to fit that bill. It now has about 7 establishments in the zip code, and has been growing at about 6.96% per year. For those interested in riding trends, that may be something to watch.

A Look at the Demographics of 10009

First, it should be noted that this is one of the most populous zip codes in New York, as it reports more IRS filings than 99% of other zip codes in the city. As such, if your business thrives on a locally dense population, 10009 may be an interesting geography for you. On a proportional basis, this zip code is wealthy enough to have a sizable percentage of its population saving for retirement: the proportion of IRS returns from 10009 with an individual retirement account (IRA) contribution is greater than that reported by over 90% of IRS returns. But while 10009 is good, relatively speaking, at saving for retirement, this population does not have the attributes typically associated with homeownership; specifically, 80% of zip codes in New York City have more individuals with mortgages than 10009 has. If this fact can be extrapolated to suggest the population of homeowners is relatively low, that may be an interesting point to consider for businesses that are sensitive to the degree of transience in its local population.

Here’s a chart summarizing the key demographic attributes of 10009:

Have additional questions on buying or selling a business in 10009? We’ll be happy to help you as best as we can. Just drop us a line.

Automated Insights from SixJupiter

by VNB Business BrokersFebruary 17, 2020 New York Business Insights0 comments

The Business Climate is Hot in Tribeca

The Business Landscape in Tribeca (10007)

Overall, the business environment in the 10007 zip code (Tribeca) is up, with the number of establishments having a yearly growth rate of about 1.7% 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 10007 zip code was reported to stand at 1,523 as of 2017. As is to be expected from a growing count of business establishments, the total number of employees in 10007 is also up — averaging an annual growth rate of about 7.05% over the 6 year period observed. To complete the trifecta is the growth in average salary: the current average salary in 10007 is estimated to be $102,671, and has enjoyed an annual growth rate of approximately 3.84% over the past 5 years. Growing establishment counts, employee counts, and average salaries suggests the business climate for 10007 is pretty hot.

As for which industries have an outsized presence in 10007, Lawyers may be worth looking into. There are about 370 law offices reported to be in Tribeca in 10007, though the number of offices has essentially remained flat over the past 6 years.

A Look at the Demographics of 10007

10007 is a wealthy enclave, even by New York City standards; it has a higher reported income on its tax returns than 98% of New York City zip codes, and total reported income from businesses in this zip code surpasses that of 96% of other Manhattan zip codes. This wealth appears to be running parallel to a growth in household size; the number of joint returns from 10007 is growing at 1.6% while the number of returns with dependents claimed is averaging nearly 2.0% annual growth compounded — a growth rate that surpasses 91% of other New York zip codes. In sum, if your business caters towards wealthy, growing households, Tribeca may be an opportunity for you — if the price is right, of course.

Automated Insights by SixJupiter

by VNB Business BrokersFebruary 12, 2020 New York Business Insights0 comments

Opportunities on the Other Side of Wall Street (10006)

The Business Landscape in 10006

Last time in our series, we took a look at 10005, a Wall Street zip code, to help us understand the business climate there; this time, we’ll dive into another zip code right by Wall Street: 10006. The total number of business establishments in 10006 have been averaging a yearly growth rate of about -1.23% annually over the past year (as reported by US Census data), which constitutes a small decline. In absolute terms, the estimated number of business establishments in the 10006 zip code was reported to stand at 799 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 2.17% 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 1.47% annually. Falling business establishment count, coupled with rising employee and salary count, may suggest mature industries are finding their home in 10006.

A Look at the Demographics of 10006

If population age is a factor for businesses you’re buying or selling, note that in 10006, the 65+ age group makes up about 6.07% of the tax return filers. On the other end of the age spectrum, note that 2.43% included a childcare credit — which may give a clue regarding the density of young families in the area. Here’s a chart summarizing the key demographic attributes of 10006:

Highlights From Tax Returns Filed in 10006

As for the demographic breakdown of 10006, here are some of the facts we found to be especially worth observing:

For 10006, the reported number of elderly returns is 150. That’s very low, basically in the bottom 1% of elderly returns in our New York City zip code set.
Also of note is the number of partnership returns in 10006; that ranks higher than 96.67% of New York City zip codes we observed, meaning there are more business partnerships in this zip code then basically anywhere else in the city.
Finally, it should be noted that the num of tax returns with a contribution to an SEP IRA (retirement account for the self-employed) in 10006 ranks is higher than all but 4% of New York City zip codes; this corresponds with the partnership data, and suggests the partnerships in the area are characterized by those willing and able to save for retirement and engage in similar forms of financial planning.

Have additional questions on buying or selling a business in 10006? We’ll be happy to help you as best as we can. Just drop us a line.

Automated Insights by SixJupiter

by VNB Business BrokersFebruary 7, 2020 New York Business Insights, Uncategorized0 comments

What’s the Opportunity Like for Small Businesses for Sale on Wall Street?

An Overview of the Economic Landscape in 10005 (Wall Street)

Overall, the business environment in 10005 is up, with the number of establishments having a yearly growth rate of about 1.48% per year from 2012 through 2017 (the last year of publicly available US Census data). This puts the approximate total count of the number of establishments in 10005 at 1,370. As is to be expected from a growing count of business establishments, the total number of employees in 10005 is also up — averaging an annual growth rate of about 4.65% over the period observed. It may be worth noting that the growth in establishments and employees comes along side a decline in average salary, which has been falling by about 3.33% annually. This suggests the growth may primarily becoming in jobs offering a lower wage than before.

As for which industries are growing quickly in 10005, Caterers may be worth looking into. It now has about 4 establishments in the zip code,and has been growing at about 31.95% per year. For those interested in riding trends, that may be something to watch.

A Look at the Demographics of 10005

Regarding the age of the 10005 residents, note that elderly returns amounted to 6.42% of all of its tax returns. On the flip side, we saw that 2.03% included a childcare credit, which may provide a clue regarding the presence of young families in the area. Here’s a chart summarizing some of the demographic attributes of 10005 we found most interesting:

Highlights From Tax Returns Filed in 10005

Drilling down into the demographics of 10005, we find a few interesting anomalies:

The total reported number of elderly returns for the zip code is 380. Almost 99% of New York City zip codes have more elderly filers, so relative to the rest of the city, this group is pretty young.
Also of note is the total income in 10005; it ranks higher than 98.97% of New York City zip codes we observed. In sum, this demographic is fairly young and wealthy, by New York standards.
Finally, it should be noted that the partnership income total in 10005 ranks higher than approximately 98.97% of New York City zip codes, with the IRS reporting a value of 372,873 for the entire zip code. This suggests small, partnership businesses in the area are doing well from relative to their peers elsewhere in the city.

Have additional questions? We’ll be happy to help you as best as we can. Drop us a line if you’re interested in buying or selling a business in New York.

Automated Insights by SixJupiter

by VNB Business BrokersFebruary 4, 2020 New York Business Insights0 comments

Thinking About Buying or Selling a Business in the East Village? Read This First.

To help buyers and sellers of small businesses alike understand the risks and opportunities in businesses for sale throughout New York City, VNB Brokers is creating a series of blog posts exploring opportunities in the various zip codes of New York City. For other posts in this set, visit the New York Business Insights section of our web site.

The Business Environment in 10003 (Lower East Side)

Overall, the business environment in 10003 is up, with the number of establishments having a yearly growth rate of about 0.27% per year from 2012 through 2016 (the last year of publicly available US Census data). This puts the approximate total count of the number of establishments in 10003 at 4,272. As is to be expected from a growing count of business establishments, the total number of employees in 10003 is also up — averaging an annual growth rate of about 3.98% over the period observed. To complete the trifecta is the growth in average salary: the current average salary in 10003 is estimated to be $66,900, and has enjoyed a growth rate of approximately 0.66% over the past 5 years. Growing establishment counts, employee counts, and average salaries suggests the business climate for 10003 is pretty hot.

As for which industries are growing quickly in 10003, Museums may be worth looking into. It now has about 8 establishments in the zip code, and has been growing at about 2.71% per year. It’s also worth noting that this type of growth, coupled with the presence of mueseums, is characteristic of 10001 (Chelsea) and 10002 (Lower East Side) zip codes as well.

A Look at the Demographics of 10003

First and foremost, it should be noted this is one of the most populous zip codes in New York City, with more tax returns filed from it than 99% of other zip codes in Manhattan. Regarding the age of the zipcode’s residents, note that elderly returns amounted to 19.62% of all of its tax returns; that’s a higher percentage than just 13% of New York City zip codes, suggesting 10003 is actually younger than many other zip codes in New York City. On the flip side, we see that the proportion of returns from 10003 with a childcare credit exceeds the proportion reported by nearly 40% of the zip codes in New York, while the percent with student loan deductions exceeds what is claimed by 36% of New York City zip codes. These numbers suggests 10003 may not quite be an elderly community, but old enough to have a decent proportion of residents with children and mortgages — at least by New York City standards.

Here’s a chart summarizing the key demographic attributes of 10003:

Have additional questions on buying or selling a business in 10003? We’ll be happy to help you as best as we can. Just drop us a line.

by VNB Business BrokersJanuary 30, 2020 New York Business Insights0 comments

Exploring Business Opportunities in 10002 (Lower East Side)

VNB Brokers is providing an analysis of business opportunities in the various zip codes of New York City to help entrepreneurs understand opportunities in buying and selling businesses in the city. For previous posts in this series, check out our section on New York Business Insights.

The Business Landscape in 10002 (Lower East Side)

Overall, the business environment in 10002 — the dominant zip code in the Lower East Side neighborhood of New York City — is up, with the number of establishments having a yearly growth rate of about 0.34% per year from 2012 through 2016 (the last year of publicly available US Census data). This puts the approximate total count of the number of establishments in 10002 at 3,005. As is to be expected from a growing count of business establishments, the total number of employees in 10002 is also up — averaging an annual growth rate of about 1.63% over the period observed. To complete the hat trick is the growth in average salary: the current average salary in 10002 is estimated to be $33,478; moreover, this average salary has enjoyed a growth rate of approximately 3.44% over the past 5 years. Growing establishment counts, employee counts, and average salaries suggests the business climate for 10002 is pretty hot.

As for which industries are growing quickly in 10002, Museums may be worth looking into (incidentally, this was also the case in Chelsea). It now has about 10 establishments in the zip code, and has been growing at about 10.76% per year. For those interested in riding trends, that may be something to watch.

A Look at the Demographics of 10002

Regarding the age of the zipcode’s residents, note that elderly returns amounted to 18.99% of all of its tax returns, or just over one in six. On the flip side, we saw that 2.91% 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 10002:

Highlights From Tax Returns Filed in 10002

As for the demographic breakdown of 10002, here are some of the facts we found to be especially worth observing:

- 10002 is one of the most heavily populated zip codes in New York, as it can claim more filings than over 99% of other Manhattan zip codes.
- One of the more notable characteristics of 10002 is that its residents appear to be especially committed to retirement planning; the zip code’s population ensures that on an absolute basis it has more returns with IRA contributions than almost every other zip code in Manhattan, but even when comparing the percentage of filers in a given zip code with IRA contributions, 10002 on the Lower East Side has a greater percentage of contributors than over 86% of its fellow New York City zip codes. If you have a business that caters towards a demographic that contributes to retirement planning, this may be an opportunity worth noting.

Have additional questions on buying or selling a business in 10002? We’ll be happy to help you as best as we can. Just drop us a line.