Lower Manhattan Real Estate Market Overview Q3 2018
The Alliance for Downtown New York is pleased to release the Q3 2018 Lower Manhattan Real Estate Market Report providing a review of commercial office, retail, residential, hospitality and development projects.
Major findings include:
- Commercial Office – Lower Manhattan is more diverse than ever post-recession. Since 2008, TAMI has tripled its share of occupancy to 15% as FIRE dropped from 55% to 35% over the same period. While overall quarterly leasing was down, TAMI and flexible space providers accounted for the largest lease signings.
- Retail – 10 Corso Como opened in the Seaport District, while Alamo Drafthouse announced plans it will open next year at 28 Liberty Street.
- Hotel – Two hotels opened in October, the AC Hotel New York Downtown at 151 Maiden Lane and Moxy NYC Downtown at 26 Ann Street.
- Residential – Two major rental buildings opened at 19 Dutch Street (483 units) and 20 Broad Street (533 units) and anticipate being fully leased within a year.
- Capital Projects – The MTA reopened the WTC Cortlandt 1 train station 17 years after it was destroyed on 9/11. The final two of the six total NYC Ferry routes launched with service to Lower East Side and Soundview, Bronx.