Bryant Park in Midtown Manhattan, once infamous as “Needle Park” for its high crime and drug activity, has undergone a remarkable transformation over the past few decades. The 10-acre park, reclaimed from a gritty highway overpass into an active, colorful new urban green space, attracts about 12 million visitors a year. The Bryant Park Corporation (BPC) undertook a master plan for a $50 million revitalization back in 1992. This ambitious effort is widely credited with leading the park’s revival. Fast forward to the present—these days, you’ll find Bryant Park teeming with life. It attracts fun community gatherings such as the summer movie nights and winter ice skating parties. The surrounding area has been popping with new bakeries! West 40th Street, between Fifth and Sixth Avenues, is now home to destinations such as Heritage Grand Bakery, Lady M Cake Boutique, and Angelina Paris. This unexpected clustering of bakeries is not coincidence but a result of a developing and increasing demand for these kinds of businesses.
With more than a billion visitors each year, the change of Bryant Park has been anything but subtle. Once a hotbed of crime and as good as abandoned, the park’s rebirth is an inspiring example of smart urban design and community commitment. Safety, aesthetics, and accessibility became the guiding principles of the BPC’s detailed blueprint for restoring the park to its glory in 1992. The 1995 opening of the al fresco restaurant Bryant Park Grill began to write a happier chapter. Since then, Bryant Park has become a successful mixed-use residential neighborhood. Today, it continues to bring in a retail mix that serves the needs of its 98 million and counting yearly visitors.
While Bryant Park prospered, so did its surrounding commercial context. The park’s renaissance served as a jumping off point for new business and corporate development in the region. As of today, retail rents in the hot corridors ringing Bryant Park have shot up over $100 per square foot. Fifth Avenue between 49th and 42nd Street is even more impressive with average asking rents of $615 per square foot. Even at this pricing, it holds up competitively against other major retail corridors across Manhattan.
One of the best recent changes in the area around Bryant Park has been the expansion of bakeries. A dozen pastry and baked goods shops have sprung up in recent years, forming a delicious culinary cluster. West 40th Street has become synonymous with delectable treats from establishments like Heritage Grand Bakery, Lady M Cake Boutique, and Angelina Paris. At face value, the clustering of these bakeries could look like a coincidence. As industry experts point out, smart retail fundamentals are fueling the positive trend.
Tyler Winograd, director of Gensler’s retail and consumer experiences studio, describes a foundational retail strategy: creating clusters of similar businesses. This is a lucrative approach that opens the door to a brand new market of customers looking for targeted products.
“create an even more expensive market, if you will, with the same offerings or similar offerings where the people are” – Tyler Winograd
Matthew Chmielecki, senior vice president at real estate services firm CBRE, agrees with that sentiment. He points out that within the food industry, it operates on critical mass.
“if they’re clustering there, it’s because there’s a need” – Matthew Chmielecki
Through clustering, bakeries enjoy the advantage of combined customer pools and higher foot traffic, reinforcing each other’s success.
Dan Biederman, then president of BPC, was instrumental in the revival of Bryant Park. He illustrates how the park has enormously shaped the evolution of West 40th Street, one of the area’s key commercial corridors.
“40th Street has sort of taken its orders from Bryant Park” – Dan Biederman
Biederman notes that the street once faced numerous vacancies but has since become a thriving commercial strip thanks to Bryant Park’s resurgence.
“There were many vacancies on 40th Street 10 years ago, 15 years ago” – Dan Biederman
The introduction of French patisserie concepts like boulangeries, cafés and chocolatiers only deepen this burgeoning culinary renaissance. For entrepreneur Anthony Battaglia, this was an opportunity to bring French-inspired patisserie to the region.
“We have a strong story to sell, and we didn’t find, back then, something similar to our [French patisserie] concept” – Anthony Battaglia
That’s when he made the decision to open a patisserie. This move comes in response to the skyrocketing demand for diverse culinary experiences by residents and visitors alike.
The story of Bryant Park’s transformation goes well beyond its physical borders. The park has become a focal point for cultural and social events that draw visitors from across New York City and beyond. Summer movie nights under the stars provide a cinematic experience unlike any other, surrounded by nature’s beauty in an open-air cinematic paradise. In the winter months, families and friends rush to the park’s rink for popular ice skating sessions. These sessions provide engaging recreation and entertainment for all ages.
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