Lower Manhattan Real Estate Year in Review 2016
The Alliance for Downtown New York is pleased to release the Lower Manhattan 2016 Real Estate Year in Review providing an annual review of commercial office, retail, residential, hospitality and development projects.
Major findings include:
- Retail – Over 200 stores and restaurants opened across Lower Manhattan, including the 100 new stores and restaurants at Westfield World Trade Center. With signature eateries debuting this year, Bloomberg News declared that “Manhattan’s FiDi is this year’s surprise, hot restaurant scene.”
- Hotel – Hotel offerings expanded and diversified. Among the seven hotels to open, two premier luxury hotels debuted, The Four Seasons Hotel New York Downtown and The Beekman Hotel, pushing Lower Manhattan’s hotel room count above 6,500.
- Residential – More than 1,200 residential units were completed in the past year, including at 70 Pine Street and 100 Barclay. An additional 1,500 units are scheduled for completion in 2017.
- World Trade Center – The World Trade Center Transportation Hub was unveiled in March, giving pedestrians underground access to Fulton Center, PATH, WTC office complex and Brookfield Place. Additionally, designs were revealed for the Ronald O. Perelman Center for Performing Arts.
- Commercial Leasing – After several years of strong leasing and relocations, the office market took a breath in 2016. However, private sector employment reached a new peak since 2001 and Lower Manhattan entered 2017 with an impressive pipeline of deals.