Lower Manhattan Real Estate Market Overview Q2 2019
The Alliance for Downtown New York is pleased to release the Q2 2019 Lower Manhattan Real Estate Market Report providing a review of commercial office, retail, residential, hospitality and development projects.
Major findings include:
- Commercial Office – Driven by the district’s sizable rent differential and newer office product, 3.8 million SF was leased in Lower Manhattan in the first half of 2019, marking the best mid-year leasing total since 2000.
- Retail – Jean-Georges Vongerichten's new seafood restaurant, The Fulton, opened at Pier 17, while two independent bookstores announced they will be coming soon to Brookfield Place and the Seaport District.
- Hotels & Tourism – While no new hotels opened in the second quarter, five new hotel developments with over 500 total rooms were announced. A new 26,000 SF museum opened to fanfare at the Statue of Liberty.
- Residential – One small 12-unit condo development opened at 81 Warren Street. Median rents increased sharply due to a weaker sales market as potential buyers stayed in the rental market.
- Capital Projects – A request for proposal was released for the development of Site 5 at the World Trade Center campus and construction continued at the Ronald O. Perelman Performing Arts Center.