Lower Manhattan Real Estate Market Overview Q2 2018
The Alliance for Downtown New York is pleased to release the Q2 2018 Lower Manhattan Real Estate Market Report providing a review of commercial office, retail, residential, hospitality and development projects.
Major findings include:
- Commercial Leasing – Leasing activity reached its highest level since Q2 2011, with 1.9 million square feet of new leasing, buoyed by large deals at Brookfield Place and the World Trade Center.
- Capital Projects – 3 World Trade Center opened to large fanfare on June 11th, with 38 percent of the tower being leased. Public plazas opened around the office tower and Oculus, providing pedestrians more open space.
- Hotel – Two hotels opened, the Assemblage on John Street and Mr. C Seaport at Peck Slip. There are currently 7,118 hotel rooms in Lower Manhattan.
- Retail – Sky-high restaurants, sleek cocktail bars and casual eateries opened around the neighborhood. Pier 17 opened to the public in the Seaport District and will welcome restaurants and shops this fall.
- Residential – The Woolworth Residences began closings. Residential sales metrics continued to return to typical averages as the legacy contract pipeline emptied at high profile, luxury properties.