Lower Manhattan Real Estate Market Overview Q1 2019
The Alliance for Downtown New York is pleased to release the Q1 2019 Lower Manhattan Real Estate Market Report providing a review of commercial office, retail, residential, hospitality and development projects.
Major findings include:
- Commercial Office – Strong leasing across industries helped push private-sector employment to its highest level since before September 2001. Two million square feet of deals helped Lower Manhattan outperform Manhattan's other submarkets.
- Retail – Crown Shy, a new restaurant by Chef James Kent and Jeff Katz, opened at 70 Pine, while a large food and entertainment venue announced plans it will open next year at 28 Liberty Street.
- Hotels & Tourism – Two hotels opened: Sonder at 20 Broad Street and the Artezen Hotel at 24 John Street. In 2018, approximately 14.6 million tourists visited Lower Manhattan, up 7% from 2017.
- Resiliency – Mayor de Blasio announced a resiliency plan to protect Lower Manhattan from climate change. In addition, the city will advance $500 million for four capital projects to reinforce key neighborhoods.