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.