SWOT ANALYSIS Performing a Strengths, Weaknesses, Opportunities, and Threats (SWOT) analysis can offer a deeper look at an area and provide a tool with which to better analyze community needs. The analysis provided a lengthy list of strengths in conjunction with a potentially heavy list of threats. Strengths include amazing transportation accessibility (numerous subway lines and stations, Citi Bike stalls and bike lanes, PATH, LIRR, bus, and express bus stations), world renown landmarks (Empire State Building, Macy’s, Madison Square Garden), a great retail mix, wellmaintained horticulture, and additional street amenities such as bike racks and bus shelters. Some weaknesses include clogged and unsafe intersections, high volumes of visible homelessness, and the appearance of construction sheds and scaffolding. Opportunities include good building stock for offices and first-floor retail, as well as ample public space, though these may need some redesign to work cohesively with newly-converted Broadway stock. Threats, as mentioned, are few but have the potential to present challenges for the district and 34SP in the future, including
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Accessibility Retail Mix Wayfinding and street signage Cleanliness Herald and Greeley Square Tourist Info Subway Stations Parking Trees Amenities Horticulture Landmarks
Pedestrian safety at intersections Some building facades need to be cleaned Scaffolding and netting
Uninterrupted first floor retail Public space is great, but doesn’t meld well with the surrounding environment Hudson Yard development as new anchor
Hudson Yard development Madison Square Garden and Penn Station redevelopment Vacancies
the development of Hudson Yards, the Penn Station renovation, the rezoning of East Midtown, and high lease rates. A Vice President at 34SP says they see Hudson Yards as a development they can capitalize on, as opposed to being threatened by its shopping potential. However, Hudson Yards will likely still become a hot spot drawing tourists and locals away from 34th Street.
TRADE AREA AND ECONOMIC DATA Drawing a correct trade area is fundamental to defining a user base and figuring out what the district needs and assets are. The trade area for 34th Street is unique in that most of its visitors are tourists and daytime workers, as opposed to residents. The trade area is drawn as a 5/10/15 minute walking radius, thus encompassing a high percentage of Midtown office workers and tourists that utilize the transportation and landmarks in the district. A Leakage/Surplus analysis has been done to provide a clearer economic picture of the district. Some important data points are as follows: 3.47% projected residential growth from 2016 to 2021, with a majority coming from
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