Lower Manhattan Real Estate Market Overview Q3 2018

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.