Lower Manhattan Real Estate Market Overview Q1 2016
The Alliance for Downtown New York is pleased to release the Q1 2016 Lower Manhattan Real Estate Market Report providing a review of commercial office, retail, residential, hospitality and development projects.
Major findings include:
- Capital Improvements – The World Trade Center Transportation Hub officially opened to much fanfare in early March providing residents, visitors and commuters with underground access to the WTC Towers, NJ PATH and Brookfield Place. The Dey Street Concourse, which connects the WTC Hub to Fulton Center, will open in June, completing a full underground connection from Brookfield Place to Fulton Center.
- Commercial – Q1 leasing velocity totaled over 2.1 million square feet, up 61.5 % year-over-year thanks in part to McGraw Hill Financial’s 900,000 SF renewal at 55 Water Street, the largest deal in Lower Manhattan since 2013;
- Retail – Many of Fulton Center’s retail tenants opened, with more shops and eateries coming throughout the year, including Shake Shack. Westfield World Trade Center has announced an August 2016 opening date for its iconic retail destination;
- Residential – Over 1,500 units are scheduled to open throughout 2016, including WeLive at 110 Wall and 70 Pine Street, which both began leasing in the first quarter.
- Hotels – Three hotels opened this quarter in Lower Manhattan, including a 262-room Four Points by Sheraton, raising the room count 12% year-over-year, to over 5,600 rooms.