Apartment Living

Which NYC Neighborhoods Received the Most PPP Loan Money?

Which NYC Neighborhoods Received the Most PPP Loan Money?

Yesterday, the U.S. Small Business Administration (“SBA”) released detailed loan-level data regarding the loans made under the Paycheck Protection Program (“PPP”). This disclosure covers each of the 4.9 million PPP loans that have been made under the program.

Digesting this massive data set, we’ve analyzed the PPP loan data by NYC zip code and compared the disclosure with U.S. Census data to assess which neighborhoods received the highest and lowest percentage of PPP loans as compared to the number of qualified businesses in that zip code. As detailed below, PPP funds did not assist all neighborhoods equally, with neighborhoods such as Greenpoint, the Financial District, and Carnegie Hill receiving a disproportionate number of loans relative to the number of qualified businesses.

In this study, we also break down the business sectors and NYC neighborhoods receiving the highest number of loans and retaining the highest number of jobs as a result of this sweeping federal program.

Top and Bottom 5 NYC Zip Codes By Percentage of PPP Loans to Businesses

Comparing the disclosure provided by the SBA with available U.S. Census data, we found large disparities in the proportion of PPP loans received by certain NYC zip codes relative to the number of qualified businesses (less than 500 employees) located in those zip codes.

For instance, Greenpoint (Zip Code 11222) received 1,394 PPP loans for its 1,782 qualified businesses – a rate of 78.2%. By contrast, Flushing (Zip Code 11355) only received 913 PPP loans for its 2,381 qualified businesses – a rate of 38.3%. In effect, Greenpoint’s PPP loan / qualified business ratio was double that of Flushing*.

Below is a chart highlighting the top and bottom 5 NYC zip codes ranked by percentage of PPP loans to qualified businesses:

Jobs Retained By Zip Code

Based on the SBA’s disclosure, a staggering 1,390,686 jobs were “retained” in NYC as a result of the PPP loans. We’ve taken this data and created an interactive map showing the number of jobs retained in each zip code.

As one might expect, the top 5 zip codes ranked by jobs retained all fell in the Midtown Manhattan area.


Number of PPP Loans By Zip Code

According to the SBA, 147,371 PPP loans were granted to qualified NYC businesses. Below is an interactive map showing the number of loans granted in each zip code.

Similar to the jobs retained ranking above, the top 5 zip codes ranked by PPP loans received all fell in the Midtown Manhattan area, while Long Island City (11101) and Dumbo and Brooklyn Heights (11201) being some of the outerborough zip codes receiving the most PPP loans.


Top Business Sectors Receiving PPP Loans in NYC

The SBA disclosure includes information concerning the business sector of each PPP loan recipient. With this data, we ranked each NYC industry by the number of PPP loans received.

Below is a chart ranking each NYC industry by the number of PPP loans they’ve received through the program:


PPP Loan Data by Loan Range

The interactive table below summarizes the PPP loan data by loan range. You can sort the table by clicking on the column header, or search for a specific zip code using the search bar.

Not surprisingly, zip code 10001, which includes part of Midtown and specifically Hudson Yards, one of the largest commercial real estate developments in New York City, received the most number of PPP loans, and 31% of the loans approved in zip code 10001 were above $150K. Meanwhile, while there were only 1,133 approved PPP loans in Bowling Green (zip code 10004), over 40% of the loans were above $150K.


This report examines the Paycheck Protection Program Loan data released by the U.S. Department of Treasury, which includes two datasets, PPP Loans of $150,000 and above, as well as PPP Loans under $150,000. For loans above $150,000, the release consists of loan-level data, including business names, addresses, NAICS codes, zip codes, business type, demographic data, non-profit information, lender, jobs supported, and loan amount ranges as follows. For all loans below $150,000, SBA released all of the above information except for business names and addresses.

We grouped the loan data by zip code and loan range and further analyzed the business sectors using the NAICS Code structure and titles released by the U.S. Census Bureau. For the number of business establishments, we utilized ZIP Codes Business Patterns (ZBP) data released by Census on an annual basis. We filtered the data by employment size, and so any establishments with more than 500 employees were excluded from this report.

*For this analysis, we compared the top 50 NYC zip codes as ranked by the number of qualified businesses located therein as reported in the most recent Census ZBP data.

Published at Tue, 07 Jul 2020 12:30:44 +0000

RentHop 2020 Subway Rent Map: Rents Are Dropping at Major MTA Stops

New York’s MTA subway system is an integral part of most New Yorkers’ lives. With as many as 5.5 million riders each weekday, it truly is the backbone of the city. It should be no surprise that it is one of the first things that people consider when looking to rent an apartment. Proximity to the right trains means shorter commutes and more time spent doing what you love. RentHop’s data scientists love maps and rental data, and so we’ve mapped out rental prices by subway stop to assist in your apartment hunting endeavors.

Our key findings this year include:
  • Rents remained the same around 28 MTA stops, increased at 257 stops, and fell at 159, or 36%, stops. This number is 10% higher than in 2019.
  • As landlords were pushed to offer more concessions in response to the lackluster market performance caused by the pandemic, more stops in Manhattan this year experienced price cuts, including 28 St ($3,635, -11.3%), 34 St – Herald Sq($3,600, -7.6%) , 86 St ($2,978, -6.7%) , and Times Square ($3,299, -5.1%).
  • Even with a significant YoY decrease, Union Square continued to be the most expensive stop in the NYC metro area. Median 1BR rent at this stop currently sits at $4,750, 6.8% lower than the same period in 2019.
  • New developments continue to be a key driver of rental rates. In Brooklyn, median 1BR went up at several stops, including 36 St ($3,050, +9.1%) , Hewes St ($3,050, +9.1%), and Marcy Av ($3,150, +5.0%).

The Interactive Map Below Shows All Rents, Stops, and YoY Price Fluctuations


Find our map useful? Check out the static map at the bottom for a quick snapshot of the data and for easy sharing.

Major subway hubs like Union Square, Fulton Street, and Atlantic Ave/Barclay’s Center give nearby residents flexibility and convenience when traveling or commuting to different places. They also make it easy to convene and get home from anywhere after a long day of work. It’s no wonder these subway stops ranked among the most expensive stops on the RentHop subway rent map.

Median 1BR Rents at Major NYC Subway Hubs
  • Union Square 14 St (4/5/6/L/N/Q/R/W) – $4,750, YoY -6.8%
  • Times Square 42 St (1/2/3/7/N/Q/R/S/W) – $3,173, -2.4%
  • Grand Central (4/5/6/7/S) – $3,500, -2.8%
  • West 4 St (A/B/C/D/E/F/M) – $3,556, +7.9%
  • Herald Square 34 St (B/D/F/M/N/Q/R/W) – $3,600, -7.6%
  • Fulton St (2/3) – $3,824, +2.9%
  • Fulton St (4/5) – $3,800, +2.8%
  • Fulton St (A/C/J/Z) – $3,805, +3.0%
  • Jay St – Metro Tech (A/C/F/N/R/W) – $3,523, +0.4%
  • Atlantic Ave – Barclay’s Center (2/3/4/5/B/Q) – $3,364, -2.4%
  • Atlantic Ave – Barclay’s Center (D/N/R) – $3,452, +0.1%
  • Broadway Junction (A/C/J/L/Z) – $2,000, +6.7%
  • Jackson Heights – Roosevelt Av / 74 St – Broadway (7/E/F/M/R) – $1,950, +2.6%

36% of MTA Stops Experienced Rent Drops, 10% More than Previous Year

2020 has been a rough year for New York. Due to the COVID-19 pandemic, the unemployment rate in the city skyrocketed 18.3% as of May, according to City Comptroller Scott Stringer. This inevitably had a severe impact on real estate, pushing down rental rates across the city. As people relocate to other metro areas and suburbs, landlords across the boroughs are having trouble filling up the vacant apartments, especially those who own and operate luxury rental buildings.

Compared to only 115 stops in 2019, this year, 159 stops, or 36%, saw price reductions, some of which are in the wealthier neighborhoods in the city. Median 1BR rent dipped 11.3% at 28 St (6 Train), as luxury rental buildings offered more concessions to attract new tenants, including Prism at 50 East 28 Street (YoY -5.2%) and Instrata Gramercy at 290 3rd Ave (YoY -9.3%), which doubled the concessions from one month’s free to two months. Similarly, buildings around 34 St – Herald Square also increased incentives, including EOS at 100 West 31 Street and Epic at 125 West 31 Street, which in turn drove down the rents by 7.6%. Stops in the Upper East Side also experienced notable price fluctuations, with median 1BR rent decreased 8.4% around 96 St (Q) and 6.7% at 86 St (4/5/6).

Gentrification remains a key driver of NYC rental rates. Median 1BR rent jumped 10.1% at 36 St stop (D/N/R Trains), from $1,998 to $2,200. This fluctuation is likely due to the Hyland, a new development launched early this year located at 194 21 St in Brooklyn that features bike storage, gym, parking, and a modern roof deck. Meanwhile, median 1BR rent rose 9.1% at Hewes St (J/M) and 5.0% at Marcy Ave (J/M/Z) respectively, mostly driven by the DIME, a 23-story, 177-unit high-end rental building located at 275 South 5 Street, Brooklyn.

These stops saw some of the largest rent drops on one-bedroom apartments
  • 28 St – 6 Train – $3,635, YoY -11.3%
  • 62 St – D/N – $1,550, YoY -8.8%
  • 96 St – Q – $2,839, YoY -8.4%
  • Fort Hamilton Parkway – D – $1,800, YoY -7.7%
  • 34 St – Herald Sq – B/D/F/M/N/Q/R/W – $3,600, YoY -7.6%
These subway stops saw some of the most drastic rent jumps
  • 36 St – D/N/R Trains – $2,200, YoY +10.1%
  • Hewes St – J/M – $3,050, YoY +9.1%
  • West 4 St – A/B/C/D/E/F/M – $3,556, YoY +7.9%
  • 161 St – Yankee Stadium – 4/B/D – $1,995, YoY +7.8%
  • Beverly Rd – Q – $2,041, YoY +7.4%


To calculate the median net effective rents for the map above, we used RentHop’s rental data for one-bedroom apartments from March 16 through June 15, 2019 & 2020, MTA Lines and Stops data, and GIS data for subway stops compiled by CUNY – Baruch College. To get accurate prices near the subway stops, we looked at least 50 non-duplicated rental listings within half a mile of a subway stop and then calculated the median rents. If there were less than 50 non-duplicated listings, we expanded the distance to 1 mile of a subway stop.

Condensed Map for Easy Sharing – Click on the image for the full map!

Click on the Map For High-Resolution Map

Published at Tue, 23 Jun 2020 16:30:25 +0000