Last Year was Good to Lower Manhattan

Lappin: “Lower Manhattan was making headlines on a weekly basis last year; that will continue through early 2017.”

NEW YORK CITY—Last year brought Lower Manhattan a surge of retail activity and several residential and hotel openings south of Chambers Street, according to the Alliance for Downtown New York’s newly released 2016 Year in Review. The report also reflects how—following several years of strong leasing activity—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,” says 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.”