The Business Climate is Hot in Tribeca
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 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.