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Retail leads the way in Lower Manhattan 2016
Lower Manhattan solidified its status as a premier mixed use neighborhood last year with a surge of retail activity and several high profile residential and hotel openings south of Chambers Street, according to our 2016 Year in Review.
24.03.2017 10:00 | Alliance for Downtown New York |
The report also reflected how, following several years of strong leasing activity, which diversified the local workforce, Lower Manhattan’s office market finally caught its breath in 2016 as part of the city-wide cool down.
"We just witnessed a milestone year for retail in Lower Manhattan, bringing one of the last key elements together in our transformation to a live, work and play neighborhood," said Downtown Alliance President Jessica Lappin. "From restaurant and retail openings, to hotel and housing growth, to the city's largest office lease deal of the year, Lower Manhattan was making headlines on a weekly basis. That momentum will continue through the early part of 2017 as we already see a number of major deals on the horizon."
The neighborhood's totals grew to 658 stores, 512 eateries, 323 residential (and mixed-use) buildings and 30 hotels. Among the new additions were top-tier retailers Apple, Saks and iPic Theaters; restaurants from notable chefs Mario Batali, Tom Colicchio, Keith McNally and Wolfgang Puck; and two of the city’s most hotly anticipated hotels The Four Seasons Hotel New York Downtown and The Beekman.
In addition, Lower Manhattan’s overall commercial leasing vacancy rates held stable around 10 percent since the fourth quarter of 2015, and asking rents remained at historic highs of $59 per square foot.
Click here for more details and to read the full report.
"We just witnessed a milestone year for retail in Lower Manhattan, bringing one of the last key elements together in our transformation to a live, work and play neighborhood," said Downtown Alliance President Jessica Lappin. "From restaurant and retail openings, to hotel and housing growth, to the city's largest office lease deal of the year, Lower Manhattan was making headlines on a weekly basis. That momentum will continue through the early part of 2017 as we already see a number of major deals on the horizon."
The neighborhood's totals grew to 658 stores, 512 eateries, 323 residential (and mixed-use) buildings and 30 hotels. Among the new additions were top-tier retailers Apple, Saks and iPic Theaters; restaurants from notable chefs Mario Batali, Tom Colicchio, Keith McNally and Wolfgang Puck; and two of the city’s most hotly anticipated hotels The Four Seasons Hotel New York Downtown and The Beekman.
In addition, Lower Manhattan’s overall commercial leasing vacancy rates held stable around 10 percent since the fourth quarter of 2015, and asking rents remained at historic highs of $59 per square foot.
Click here for more details and to read the full report.
