Lower Manhattan Real Estate Market Overview, Q2 2019 | Downtown Alliance

Lower Manhattan Real Estate Market Overview, Q2 2019

August 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.
  • Hotel​s & 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.