Lower Manhattan Real Estate Market Overview, Q1 2019 | Downtown Alliance

Lower Manhattan Real Estate Market Overview, Q1 2019

April 2019
The Alliance for Downtown New York is pleased to release the Q1 2019 Lower Manhattan Real Estate Market Report providing a review of commercial office, retail, residential, hospitality and development projects.
 
Major findings include:
 
  • Commercial Office - Strong leasing across industries helped push private-sector employment to its highest level since before September 2001. Two million square feet of deals helped Lower Manhattan outperform Manhattan's other submarkets.
  • Retail -  Crown Shy, a new restaurant by Chef James Kent and Jeff Katz, opened at 70 Pine, while a large food and entertainment venue announced plans it will open next year at 28 Liberty Street.
  • Hotel​s & Tourism​ - Two hotels opened: Sonder at 20 Broad Street and the Artezen Hotel at 24 John Street. In 2018, approximately 14.6 million tourists visited Lower Manhattan, up 7% from 2017.
  • Resiliency - Mayor de Blasio announced a resiliency plan to protect Lower Manhattan from climate change. In addition, the city will advance $500 million for four capital projects to reinforce key neighborhoods.