Economy

Greenwich Village much like many other areas of Manhattan has become an increasingly expensive neighborhood to live in. As the demographics of the Village have changed, and how they change over time, it has had great implications for the local economy.

  • A growth of a highly-educated and affluent population has created a diversity of high-end services such as
    1. High-quality restaurants
    2. Professional/Personal services
    3. Arts & Entertainment
  • Development of the above-mentioned services in turn strengthens the community’s attractiveness to affluent populations, escalating the value of the Village’s real-estate
  • A combination of such affluent populations and high-quality services made the Village an attractive place to live, as well as to work and open up new businesses that require a high-skilled work force

 

“Greenwich Village’s economy is fueled by academic institutions, which employ some 10,350 people and generate an annual payroll of $611 million, significantly contributing to the neighborhood’s economic well-being.”

– NYU News Release Higher Education Major Contributor to Economic Health of Greenwich Village and NYC

Education

The universities and educational institutions that exist in the Village are among Greenwich’s leading actor of the local economy. Most employment is evidently concentrated between NYU and the New School. Although these schools’ employment rates contribute greatly to the economy, it is not the sole contributor.

  • Institutions that offer programs that directly support the community’s leading industries:
    • Elementary & secondary schools (Little Red School House, Notre Dame School, the Village Community School)
    • Specialized arts-related schools (NY Studio School, Joffrey Ballet School, Playwrights Horizons School)
    • Technical and Trade Schools (Carpenters’ Technical College)
  • Continuing education programs offered by higher education enhances the community’s attractiveness
  • Sources of new private investment in the Village
  • NYU and the New School brings thousands of students into the Village, generating additional traffic for local businesses

The local educational institutions play a crucial role in the surrounding businesses. The programs offered by institutions like NYU, funnel out students with the skills to further the prosperity of neighboring media and information businesses and professional service firms.  These businesses itself provide about 4.8 percent of city-wide employment in such sectors.

Greenwich Village is home to

  • media companies: Forbes and the Village Voice
  • digital media and internet based businesses: AOL, Rockstar Games, and Take-Two Interactive
  • advertising, marketing, and market research firms: Margeotes, Fertitta and Partners, and Nielsen [accounts for about 2,000 employees]
  • architecture, engineering, and interior design firms: Beyer Blinder Belle, Mancini Duffy, and Gruzen Sampton
  • law firms: Weitz & Luxenberg

NYU provides programs such as:

  • NYU’s Interactive Telecommunications Program
  • NYU Institute for Film and Television
  • NYU’s master’s degree program music business
  • Stern School of Business
  • NYU Law School
  • Cardozo School of Law

These notable university programs provide the local businesses with skilled and well-educated employees in the form of their students.

 

Entertainment:

Greenwich Village is home to about 800 restaurants and bars that heavily contribute to both the lifestyle as well as economy of the community. Many of these operations exist to serve the daytime population. Considering the Village is home to NYU such establishments profit greatly from the thousands of students who commute or dorm in the area. Although many restaurants in the area are directed towards students there are a number of specialty restaurants that have created a name for themselves and attract attention from tourists as well. It is no surprise that in an area bustling with students the bars of the Village are a crucial aspect of the night life, drawing in consumers as well as connecting them to one another.

Aside from restaurants, Greenwich Village has become a hub of cultural innovation. Although the revolution of culture has never been a stranger to the Village providing it was the prime spot for struggling artists to find cheap housing arrangements. However, it is evident that the Greenwich Village of today is no longer the most affordable of places to live. Despite this, the Village is still home to an ever-changing spirited community.

Greenwich Village is home to a number of arts and entertainment businesses that provide an outlet for continued innovation in the industry. These opportunities include:

  • 40 Broadway community theaters
  • famous music venues [Blue Note, Webster Hall, Village Vanguard, Le Poisson Rouge]
  • small art galleries and dealers