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.