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Home , 111 Murray Street, 120 Wall Street, 125 Greenwich Street, 130 William, 161 Maiden Lane, 195 Broadway

OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

ALLIANCE FOR DOWNTOWN LOWER REAL ESTATE MARKET OVERVIEW 2016 COMMERCIAL OFFICE MARKET

LEASING VELOCITY UP YEAR-OVER-YEAR smaller relocation commitments this quarter. This quarter also ’s office market experienced a quiet start to the saw the addition of several small but notable fashion tenants to year, with slow leasing activity and a halt to the trend of rising the market. Many of these deals were in class B and C space, overall asking rents. New leases totaled just 1 million square where strong demand and limited supply have led to significantly feet, down slightly from the first quarter of 2015, which itself was increased rents and steadily declining vacancy. a slow quarter. However, strong leasing velocity (which measures renewals in addition to new leasing) still buoyed the downtown KEY TENANTS RENEW market. A total of 2.1 million square feet of deals were signed, Many of the largest first quarter deals reflected renewals according to CBRE, representing a 61.5 percent increase year by Lower Manhattan’s signature sectors including FIRE and over year. Most of this stems from McGraw Hill Financial’s Government. McGraw Hill Financial signed a 900,027-square- renewal at . The parent company of Standard & foot early renewal at 55 Water Street, where they are Poor’s Rating Services executed the largest deal Manhattan-wide consolidating its Manhattan real estate footprint and will this quarter and the largest in Lower Manhattan since 2013. Still, fully occupy the space by 2020. The financial information with limited overall activity in this quarter, the Class A market saw and analytics company vacated 413,000 square feet in its a slight uptick in vacancy along with stagnant, albeit historically namesake Midtown building, 1221 , and moved into high, asking rents. Standard & Poor’s space last year. McGraw Hill has also been consolidating from 2 Penn Plaza where it once had approximately A continuing bright spot in the market was provided by the 500,000 square feet but now holds about 85,000 square feet. It TAMI (Technology, Advertising, Media and Information) sectors, will occupy that property until 2020, when the company will fully which contributed a 100,000-square-foot expansion and several relocate all operations to 55 Water Street.

LOWER MANHATTAN LEASING VELOCITY, Q1 2015 - Q1 2016 Source: CBRE

2.5 Million

2.1 Million 2.0 Million

1.5 Million 1.5 Million 1.3 Million 1.3 Million

1.0 Million 970,000

500,000

0 Q1 Q2 Q3 Q4 Q1 2015 2016 Renewal New Activity

Lower Manhattan Real Estate Market Overview| Q1 2016 1 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

Other key deals among FIRE or government tenants this quarter NEW LEASING ACTIVITY BY INDUSTRY IN included , which signed a 74,439-square-foot LOWER MANHATTAN, Q1 2016* renewal at 200 at Brookfield Place. Headquartered Source: JLL in the building since 1996, it now occupies a total of 1,329,911 CREATIVE TENANTS square feet or about 53 percent of the building. The Waterfront Fashion & Commission of , an interstate regulatory agency TAMI + Retail Trade for the Port of New York and , also signed a renewal Other 42% Services Education, for 21,200 square feet at 39 . The Port Authority of 5% Health Care & New York & New Jersey also renewed a 20,734-square-foot Nonprofit block of space in 115 Broadway, where it currently occupies 6% 124,514 square feet in addition to its 600,000-square-foot office at . FIRE Q1 2016 6% PROFESSIONAL SERVICES TOPS RELOCATION New Leasing ACTIVITY The Professional Services/Business Services sector accounted Activity by for the largest relocation deal as well as largest share of Industry relocation activity (by square footage) this quarter – 41 percent, according to data from Jones Lang LaSalle. ABM Industries, a facility management provider, will relocate from Midtown 41% to 44,025 square feet in 1 Liberty Plaza, where is currently marketing about 400,000 square feet of Professional available space. In addition, the nonprofit law firm, Partnership *By square footage Services For Children’s Rights, is relocating from Midtown into 11,671 square feet at 88 Pine Street.

CREATIVE TENANTS EXPAND AND RELOCATE Smaller and startup TAMI Companies are also finding the Although new activity was slow at 2016’s outset, this quarter did space they want in Lower Manhattan, many in buildings east of yield some solid commitments from several TAMI (Technology, Broadway. Among them: Advertising, Media and Information) and Fashion companies that ●● Work Fusion, an artificial intelligence startup, is relocating were expanding or relocating. Overall, these combined industries from to 5,803 square feet in 48 . accounted for 42 percent of relocation activity by square footage, ●● GraphNet, a technology company focused on integrated data according to Jones Lang LaSalle. messaging technology and services, will be relocating from to 5,335 square feet in 30 .

Droga5, a New York -based advertising agency, accounted for ●● Kraftworks, an advertising agency, signed a lease for 3,209 the largest new deal this quarter, with an expansion deal signed square feet at 50 Broad Street, relocating from SoHo. for 106,000 square feet in . It now occupies 208,000 square feet in the building, making it one of Lower According to Newmark Knight Grubb Frank, Lower Manhattan, Manhattan’s largest TAMI companies and bringing Silverstein east of Broadway, was one of the most active submarkets for Properties’ 120 Wall Street to 100 percent leased. Rocket Fuel, TAMI leases in the first quarter of 2016, on par with Union Square a -based advertising technology firm, will be relocating and Flatiron in terms of the number of deals signed. from to 41,982 square feet in , a building that has been popular with TAMI and fashion tenants. Continued commitments from fashion tenants were another 195 Broadway’s signed leases over the past year included an bright spot this quarter. High Fashion tenants Brioni and expansion by Namely, a human resources software company. Bottega Veneta committed to relocate from in Midtown to 8,514 square feet, and 16,889 square feet in 33 Other significant TAMI leases in the first quarter includeMic , respectively. They join Gucci, also a Kering Network, a millennial news-focused media company, which brand, which is moving into 195 Broadway in early Spring. signed on for the entire 82nd floor (36,099 square feet) at One International luxury brands are not the only fashion tenants World Trade Center. The firm will relocate from the Hudson taking space in Manhattan. Tommy John, a young and innovative Square neighborhood. Overall, TAMI accounted for 35.7 percent of men’s undergarment designer, is relocating from Chelsea and relocation activity in the first quarter, according to Jones Lang LaSalle. expanding into a 17,608-square-foot space in 100 Broadway.

Lower Manhattan Real Estate Market Overview| Q1 2016 2 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

CORPORATE RELOCATIONS, 2014 - 2017 Source: Downtown Alliance

McGraw Hill’s deal is only the latest example of tenants eschewing their traditional Midtown roots in favor of Lower Manhattan. Lower Manhattan is becoming the premier location for major companies. Other former pillars of Midtown have already relocated, including Condé Nast and Time Inc. (fully relocated in 2015). Future Lower Manhattan headquarters will include (scheduled to move in during 2017) and Hudson’s Bay Company (which will consolidate its New York City operations south of Chambers later this year). These are just a few examples of tenants committing to make Lower Manhattan their New York City or global headquarters in recent years.

Corporate Headquarters Leaving Midtown to Plant their Flag in Lower Manhattan CORPORATE RELOCATIONS, 2014 - 2017

Lower Manhattan Real Estate Market Overview| Q1 2016 3 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

LOWER MANHATTAN TOP LEASES, Q1 2016 RENTS Source: Downtown Alliance, CBRE, JLL, CoStar, Colliers International

Tenant Name SF Leased Sector Lower Manhattan’s overall average asking rent dropped just Location Transaction Type slightly to $59.30, down from last quarter when the average McGraw Hill Financial 900,027 1 FIRE reached the highest level in the market’s history. However, a 55 Water Street Renewal closer look at subclasses reveals a more nuanced story. Droga5 106,000 2 TAMI 120 Wall Street Expansion Class A rents have been relatively flat since the end of 2014 American Express Company 74,439 3 FIRE Renewal when especially strong leasing activity caused a dramatic spike in rents. Since then asking rents have been hovering around $62 ABM Industries 44,025 Professional 4 1 Liberty Plaza Relocation Services per square foot for the last five quarters, a response to relatively quiet leasing activity among Class A properties. First quarter Rocket Fuel 41,982 5 TAMI 195 Broadway Relocation Class A leasing activity is down 14 percent year-over-year. At the same time, there is ample supply of Class A product south Mic Network 36,099 6 TAMI Relocation of Chambers Street, making up more than 74 percent of overall available space, according to Cushman & Wakefield. Progenics Pharmaceuticals 26,558 7 TAMI One World Trade Center Relocation

The Robert Allen Group 25,730 Other – Retail Class B and C space has trended differently than Class A space 8 80 Broad Street Renewal Trade/ Textiles in Lower Manhattan. The Class B vacancy rate is now 6.4 Lovell Safety Management 25,398 percent, just half the vacancy rate of the Class A market. This 9 FIRE 110 William Street Renewal reflects strong demand among value-seeking tenants fleeing Waterfront Commission of dramatic price increases elsewhere in the city, especially 21,200 New York Harbor Government 10 Renewal . Leasing in Class B and C buildings saw 44 39 Broadway The Port Authority of New percent of this quarter’s activity, while only offering 26 percent 20,734 11 York & New Jersey Government of the market’s overall availability ---- resulting in significantly Renewal 115 Broadway increased pricing year over year. In the first quarter, Class B and Public Relations Society of 19,342 12 America Moving Within Nonprofit C average rents surpassed $50 per square foot for the first time 120 Wall Street LM in the market’s history, up 20.5 percent and 34.8 percent year Public Health Solutions 18,550 over year, respectively. 13 Nonprofit 22 Cortlandt Street Relocation

Wade Clark Mulcahy 17,748 Professional 14 Moving Within There are still good deals to be had in Lower Manhattan as 180 Services LM average taking rents can be as much as $10 below asking rents, Tommy John 17,608 Other – Retail 15 according to first quarter data from Newmark Knight Grubb 100 Broadway Relocation Trade/Fashion Frank. In addition, the Lower Manhattan market still benefits Lucky 8 TV 17,260 TAMI from a competitive pricing advantage relative to other markets. 16 233 Broadway New LM Location Overall average asking rents are $19.10 lower than Midtown and Bottega Veneta 16,889 Other – Retail 17 $9.80 below the Midtown South average and these gaps have 33 Whitehall Street Relocation Trade/Fashion widened year-over-year, as pricing in those markets has risen McElroy, Deutsch, Mulvaney 16,720 Professional 18 & Carpenter Moving Within even faster. Services LM 13,950 Fullstack Academy of Code 19 Moving Within Education 5 Hanover Square LM Abt SRBI 13,607 20 TAMI 180 Maiden Lane Relocation Class A Rents $21.40 $12.70 in LM: Less than Less than MT MTS

Lower Manhattan Real Estate Market Overview| Q1 2016 4 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

LOWER MANHATTAN ASKING RENTS BY OFFICE CLASS, Q1 2013 - Q1 2016 Source: Cushman & Wakefield

$70

$65 $62.10

$60

$55 $50.90 $50 $50.50 $45 $45.40 $40 $35.40 $35

$30 $32.20

$25 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2013 2014 2015 2016 Class A Class B Class C

OVERALL ASKING RENTS BY MANHATTAN SUBMARKET, Q1 2011 - Q1 2016 Source: Cushman & Wakefield

$90

$78.40 $80

$68.60 $70 $62.60

$60 $59.30 $50 $43.80

$40 $39.20 $30 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2011 2012 2013 2014 2015 2016 Lower Manhattan Midtown Midtown South

Lower Manhattan Real Estate Market Overview| Q1 2016 5 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

VACANCY Lower Manhattan’s vacancy rate trended up just slightly from last There are several large blocks being marketed in Lower quarter — rising from 9.4 percent to 10.2 percent — in part due Manhattan. This quarter’s activity in these large blocks includes: to the addition of a large block of space at 375 and ●● Group M’s expansion lease at for lower than average new leasing activity. The Class A vacancy rate an additional 173,436 square feet closed in early January rose 1.3 percentage points from last quarter to 12.6 percent but and the property is now 28 percent committed with 1.81 is basically stable from this time last year. million square feet available to lease.

●● One World Trade Center announced four new leases and Despite the overall uptick, there were areas of strength. Robust one expansion this quarter totaling over 81,716 square feet activity east of Broadway has pushed the vacancy rates in the in activity. The leases include Progenics Pharmaceuticals, Insurance and Financial East submarkets down 2.6 percent a biotechnology firm that will be opening its first NYC office, and 1.9 percent respectively, year over year, to 9.0 percent and taking up the entire 26,558-square-foot, 47th floor. Also, 8.4 percent. In the first quarter, they were the only areas to Mic Network, a media company, will be relocating from boast positive absorption, in part due to the large expansion Hudson Square to 36,099 square feet on the 82nd floor. lease signed by Droga5 at 120 Wall Street. Other major deals The 3 million-square-foot tower is now 67 percent leased. signed east of Broadway over the past year included Vox Media’s ●● 1 Liberty Plaza announced a 44,025-square-foot lease with relocation to more than 85,000 square feet in 85 Broad Street, ABM Industries Incorporated. The building has 418,000 Sandbox Studio’s 67,700-square-foot relocation to 55 Broad square feet on the market. Street, and more than 127,557 square feet of leases signed at 180 Maiden Lane since the beginning of 2015. ●● Brookfield Placeannounced two new office leases totaling 29,817 square feet in the first quarter. In addition to Nearly three-quarters (74 percent) of the available space in American Express renewing, McElroy, Deutsch, Mulvaney Lower Manhattan is in Class A buildings, and nearly 40 percent & Carpenter LLP committed to 16,720 square feet, (or 3.56 million square feet of this total) is available at the World relocating from within Lower Manhattan. City National Trade Center, according to data from Cushman & Wakefield. Bank will also be opening a new New York City office in the property. A total of 680,003 square feet is available to lease

LOWER MANHATTAN’S LARGEST BLOCKS OF SPACE & AVAILABILITY, Q1 2016 Source: Downtown Alliance, CoStar, JLL, Cushman & Wakefield, & Brookfield Properties

SF 67% 3.0 Million Leased 31% 88% Leased Leased 2.5 Million 59% 67% 82% Leased Leased Leased 2.0 Million

1.5 Million 31% 34% 87% Leased Leased Leased 1.0 Million

0.5 Million 1.81 M SF 1.05 MSF 911k SF 750k SF 762k SF 725k SF 421k SF 298k SF 148k SF 0 Available Available Available Available Available Available Available Available Available 3 WTC 1 WTC 28 Liberty 4 WTC 375 Pearl 180 Maiden 1 Liberty 200 Vesey 85 Broad

SF Leased SF Available

Lower Manhattan Real Estate Market Overview| Q1 2016 6 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

at the complex, with the largest blocks available at (297,661 square feet) and 300 Vesey Street (150,580 square feet). Other reductions at large blocks include: ●● 180 Maiden Lane announced three leases totaling 10.2% around 34,511 square feet. There is now 725,000 square Lower Manhattan’s overall vacancy feet available in this Class A property being marketed by Cushman & Wakefield and Murray Hill Properties.

●● 28 Liberty is marketing 911,000 square feet and LOWER MANHATTAN OVERALL VACANCY RATES, announced one lease this quarter. The property announced Q1 2013-Q1 2016 Source: Cushman & Wakefield that Fitapelli & Shafer will be moving from Midtown South 14% into 5,700 square feet. Other major spaces on the market include , 13% where the 1.1 million-square-foot property’s owner, Sabey Data 12% Center, is completing a major renovation to attract new office tenants. The renovation includes adding floor-to-ceiling glass 11% on floors 18 through 31 (where 495,000 square feet 10.2% 10% is available), a complete lobby renovation and the addition of ground floor retail. Currently, there is a total of 760,000 square 9% feet available at the property to lease. The New York City Department of Finance is reportedly close to finalizing a deal for 8% 8.0% 175,000 square feet on floors 26-30, and, last year, the NYPD 7% signed a lease for 18,000 square feet. 375 Pearl was formerly a data center, and Verizon Wireless still maintains a space in its 6% office condominium on floors 8-10. Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2013 2014 2015 2016

LOWER MANHATTAN VACANCY RATES BY CLASS, Q1 2011 - Q1 2016 Source: Cushman & Wakefield

16%

14%

12.6% 11.9% 12%

10.5% 10% 9.9%

8% 7.3%

6% 6.4%

4% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2011 2012 2013 2014 2015 2016

Class A Class B Class C

Lower Manhattan Real Estate Market Overview| Q1 2016 7 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

COMMERCIAL PROPERTY SALES ●● An unnamed LLC purchased a partial interest in the retail Office Building Sales property at 60 Pearl Street from Rohan LLC for $4 million. The five-story, 7,605-square-foot building currently has ●● One office building sold in the first quarter. The Kushner three residential units, a 1,491-square-foot office space, Companies and CIM Group sold 2 Rector Street, a 440,000- and a 1,521-square-foot retail space currently occupied by a square-foot office building to a partnership between Bentall restaurant, Bombay’s Indian Cuisine. Kennedy, a pension fund, and Cove Property Group for $221 million or $502 per square foot. The previous owners purchased the property in 2013 for $140 million and had Sales debated plans to convert the building to rental apartments. Three hotel transactions took place in Lower Manhattan in the first quarter. Office Condominiums 2 Rector Street Two office condominiums traded in the first quarter, including: ●● Hersha Hospitality Trust sold its majority interest in two Lower Manhattan in the first quarter to Cindat Management. Cindat Capital Management, a China-based ●● Nyack College, a private, Christian school, purchased a investment firm, purchased the majority interest in the 166,385-square-foot office condominium in17 Battery 113-room Holiday Inn Wall Street, located at 51 Nassau Place from the building’s owner, The Moinian Group, for Street, for $38.3 million or $484,000 per key. Cindat also $49.2 million or $296 per square foot. Nyack College first purchased the majority interest in the Holiday Inn Express moved to the building in 2013, after signing a 20-year lease Wall Street, locatedCourtesy of CoStar at 126 Water Street, for $35.8 million with a purchase option. or $457,000 per key. Hersha will remain as the minority partner in both of these hotels. ●● Mack Cali sold its 525,000-square-foot office condominium on floors 2 - 16 in 125 Broad Street to Sullivan & Cromwell ●● The Howard Hughes Corporation purchased the 72-key Best for $202 million or $385 per square foot. Sullivan & Western Plus Seaport Inn from Werber Management and Cromwell has been a tenant in the building since 1970 Gemini Real Estate for $38.3 million or $531,944 per hotel and now has full ownership of the 1.46 million square foot key. building. Other tenants in 125 Broad Street include AECOM Technology Corp., AXA Insurance Co. and Continental Source of property sales: Newmark Knight Grubb Frank Casualty Co..

Retail Buildings and Condominiums Sales Best Western Plus Three retail properties traded in the first quarter. Seaport Inn The Howard Hughes ●● HUBB NYC purchased a 4,211-square-foot retail Corporation purchased condominium in 37 Warren Street, an 18-unit luxury the hotel from Werber condominium building, for $11.2 million or $2,660 per Management and square foot from Fisher Brothers. The retail condominium is Gemini Real Estate. currently vacant and holds 2,847 square feet on the ground level and 1,364 square feet on the lower level. The sales price was $38.3 million or ●●  Developers Group purchased a 2,016-square-foot $531,944 per key. retail condominium from The Claremont Group at 99 Wall Street for $9.6 million or $4,774 per square foot. The It includes 72 keys at Claremont Group currently owns the rest of the building the corner of Front and where it is converting the building to 52 residential Peck Slip. Courtesy of CoStar condominium units. Courtesy of CoStar

Lower Manhattan Real Estate Market Overview| Q1 2016 8 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

RETAIL MARKET

Developments, New Openings and Announcements throughout the District

The horizon in 2016 and beyond promises a flurry of momentous retail developments. By 2019, Lower Manhattan will have more than 6.7 million square feet of retail, an expansion of 2.3 million square feet of new and repositioned space. This retail revolution is driven by major development projects at Westfield World Trade Center, Brookfield Place, , the Seaport District, and other projects.

The debut of Fulton Center’s 65,000 square feet of commercial and retail space began in late 2015 and will continue in phases throughout 2016. Westfield, the master leaseholder of the transit center, opened several retail tenants including, Irving Farm Coffee Roasters, Pop Karma, Freedom Wine Cellars, Moleskine, Neuhaus, Wasabi Sushi & Courtesy of Mark Weinberg Bento, Wetzel’s Pretzels and Zaro’s Bakery in the first quarter. Shake Shack plans to open in late spring on the second floor of Fulton Center. The 65,000 square feet of WeWork will occupy office space in the and 3rd floor of retail in Fulton Center began Fulton Center, opening in early summer. opening in 2016. More shops and restaurants will In August 2016, Westfield World Trade Center will become an appear throughout the year. iconic destination with over 120 stores and restaurants located in ’s Oculus and at the base of World Trade Center buildings 3 and 4. Mario Batali’s Eataly will serve as the culinary anchor among many other food, beverage and dining options. The 365,000-square-foot, fully-leased complex recently previewed its retail and dining roster, which includes Hugo Boss, Kate Spade New York, Banana Republic, H&M, and Hawksmoor (the renowned London steakhouse).

At Brookfield Place, contemporary brands continued to roll out after the spring 2015 unveiling of the 375,000-square-foot repositioned retail space. This past quarter, Davidoff of Geneva Cigars, Kamakura Shirts, Hickey Freeman and L’Appart, an intimate dining room within Le District, all opened in the complex. Jose Garces’ Amada launched on Vesey Street in late April and will be followed by True Food Kitchen later this year. Lower Manhattan’s first luxury department store,, is slated to open at Brookfield Place this fall.

The Howard Hughes Corporation’s Seaport District was active in the first quarter with a number of announcements.iPic Theaters Over 120 stores and restaurants at is continuing construction and plans to introduce an eight-screen Westfield World Trade Center are expected movie theater this fall in the Fulton Market Building. The developer to open in August 2016. revealed that David Chang’s Momofuku Group will join Jean-Georges Vongerichten in opening flagship restaurants on Pier 17; this is in

Lower Manhattan Real Estate Market Overview| Q1 2016 9 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

addition to Jean-Georges’ 40,000-square-foot market that will occupy the restored Tin Building. Scotch & Soda, the latest fashion brand to sign on, will join popular New York independent bookstore, McNally Jackson Books. Committed to creating a distinct destination, the Howard Hughes Corporation is bringing back the Seaport Culture District, Seaport Studios retail concept store and Smorgasburg food market. The new pier and revitalized historic will provide 365,000 square feet of retail, dining and entertainment by 2017.

After receiving approvals by the city’s Landmarks Preservation Commission to create more than 200,000 square feet of retail below the plaza at 28 Liberty Street, Fosun Property Holdings Courtesy of Ketch Brewhouse is continuing construction on the subgrade retail space. Plans Ketch Brewhouse include creating a set of glass-enclosed entrances on the plaza opened in the Four and along the black marble walls, which would give pedestrians Points by Sheraton Hotel access to five levels of subterranean space. at 6 Platt Street.

At the end of the first quarter, Lower Manhattan had a total of 1,118 stores and restaurants – a three percent increase year- over-year. A total of 36 new stores and restaurants opened in the district in the beginning of the year, including: • Num Pang, a Cambodian sandwich shop, at 200 Water Street;

• Birch Coffee, a New York City-based coffeehouse, at ;

• Ketch Brewhouse, an American tavern featuring a rooftop terrace, at 6 Platt Street; Courtesy of Cafe Patoro • Café Patoro, a Brazilian bakery, at 223 Front Street; Cafe Patoro, a Brazilian • 18|8 Fine Men’s Salon, a membership-based men’s salon, bakery, debuted at 223 at 20 Pine Street; Front Street in the Seaport.

• Van Court, a high-end, non-toxic nail salon, at 90 Water Street;

• Physique 57, a highly-lauded fitness studio, at 55 Broadway;

• Leather Spa, a luxury accessory repair & care shop, at 28 John Street. 2.3 Million SF of new & repositioned retail space Courtesy of Birch Coffee Birch Coffee opened in New York by Gehry at 8 Spruce Street.

Lower Manhattan Real Estate Market Overview| Q1 2016 10 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

TOURISM & HOSPITALITY

Record Year for Tourism LOWER MANHATTAN HOTEL DEVELOPMENT PIPELINE Source: Downtown Alliance Coming off a strong 2015, Lower Manhattan is poised to see Owner/ Open Hotel & Address Rooms Floors continued tourism strength throughout the year. The area south Developer Date of Chambers Street welcomed 14.2 million unique visitors in 1 AKA Wall Street 2015 , up 14 percent from 2014 and up 48 percent from 2013 1 84 William Street Networks 140 19 2016 (which took the brunt of ). The upsurge in visitors was buoyed by strong visitorship at the new One World The Beekman Hotel GB Lodging 2 Group 287 9 2016 Observatory, National September 11 Memorial Museum and the and . Courtyard by Marriott 3 133 Hidrock Realty 317 31 2016 Hotel Development Takes Off Four Seasons Downtown Silverstein 21 At the end of the first quarter in 2016, there were 5,688 hotel 4 30 Park Place Properties 189 (of 82) 2016 rooms in 27 hotels throughout Lower Manhattan — a 12 percent Westbury increase over the past year. While Lower Manhattan makes up 5 The Artezen Hotel Realty 89 21 2016 24-26 John Street Associates a fraction (less than five percent) of New York City’s total hotel inventory of 107,000 hotel rooms, approxmiately 20 percent of Fairfield Inn & Suites Jiten Hotel 6 100 Greenwich Street Management 192 25 2017 hotel rooms currently under construction in all of New York City are in Lower Manhattan. Hilton Garden Inn McSam Hotel 7 6 Water Street Group 250 29 2017 Three hotels opened this quarter: 120 • Four Points by Sheraton at 6 Platt Street, 262 rooms; 8 Marriott Residence Inn Lam Group (upper 40 2017 215 Pearl Street floors) • The Downtown Association at 60 Pine Street, 36 rooms; Courtyard by Marriott 200 9 215 Pearl Street Lam Group (lower 40 2017 • Riff Downtown at 102 Greenwich Street, 20 rooms; floors) AC Hotel | Marriott Fortis Property Some 3,100 hotel rooms in 18 hotels are currently in the 10 151 Maiden Lane Group 271 33 2017 development pipeline. In 2016, inventory is expected to grow Hotel Indigo 10-12 MLane by up to 25 percent, as nearly 1,300 rooms in five additional 11 8-12 Maiden Lane Inc. 190 25 2017 properties will come online this year. If all these projects meet current deadlines, the hotel inventory in Lower Manhattan Boutique Hotel Stoneleigh 12 Battery Maritime Building Capital 70 5 2017 will reach nearly 6,700 rooms by year-end 2016. Properties scheduled for completion this year include: TBD Hotel Premier 13 11 Emerald LLC 143 27 2018 • AKA Wall Street at 84 William Street, 140 rooms; Extended Stay Hotel Prodigy • The Beekman Hotel at 5 Beekman Street, 287 rooms; 14 17 John Street Networks 106 23 20188 • Courtyard by Marriott at 133 Greenwich Street, 317 rooms; Moxy Hotel Tribeca 15 143 Associates 228 26 2018 • Four Seasons Downtown at 27 Barclay Street, 189 rooms. TBD Hotel Lightstone TBD 12 • The Artezen Hotel at 24 John Street, 89 rooms. 16 Street Group (of 50) 2018

TBD Hotel Fit Investment 17 50 Trinity Place Group 188 29 TBD

growth in NY Times 18 TBD Hotel Square Hotel 150 31 TBD hotel room 120-122 Water Street Group inventory by Total Hotels in the Pipeline 18 year-end 2016 Total Hotel Rooms in the Pipeline 3,105

25% 1 Source of tourism estimates: Audience Research & Analysis

Lower Manhattan Real Estate Market Overview| Q1 2016 11 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

Occupancy and Average Daily Room Rate LOWER MANHATTAN HOTEL OCCUPANCY Typically a slow quarter, occupancy rates in the first quarter 85% of 2016 in Lower Manhattan reached 75 percent, down from 78% 79% 80% the fourth quarter of 2015, but ahead of recent years’ first 76% 75% quarter performance. The occupancy seems to have come at 75% 75% the expense of the average daily room rate (ADR), which fell 73% 70% over previous years. Lower Manhattan’s ADR in the first quarter 72% 72% of 2016 was $204, down 13 percent year over year and 22 65% percent lower than in 2013. In contrast, New York City’s ADR, has remained relatively steady at $209. 60%

In looking at first quarter hotel performance over the past 55% four years, the Lower Manhattan hotel market has lost some ground. Despite strong growth in tourism and employment, the 50% Q1 2013 Q1 2014 Q1 2015 Q1 2016 acceleration of new hotel room inventory has pushed supply Lower Manhattan New York City growth out ahead of demand. The growth in room inventory is evident in the opening of hotels with lower price points, leading to a greater fluctuation in room rates. Couple with a growing LOWER MANHATTAN AVERAGE DAILY ROOM RATE (ADR) supply of limited-service hotels and the popularity of in $275 New York City, these factors have certainly made their mark on

Lower Manhattan’s hotel performance. While pricing pressure $248.93 $246.71 $250 will likely continue as new supply comes to market, future $235.15 demand growth is also expected to grow in Lower Manhattan with the addition of new office product, residential buildings $225 and opening of major retail destinations in the next several years. $209.00 $209.03 $212.38 $200 Source of New York figures: NYC & Company $202.74 $203.93

$175 Q1 2013 Q1 2014 Q1 2015 Q1 2016

Lower Manhattan New York City

The Four Points by Sheraton The Riff Downtown opened opened at 6 Platt Street with at 102 Greenwich Street with 262 rooms. 20 rooms.

Lower Manhattan Real Estate Market Overview| Q1 2016 12 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

RESIDENTIAL MARKET

Inventory and Development

Lower Manhattan has 30,000 housing units in 321 mixed- use and residential buildings and an estimated population of approximately 60,000. There are currently over 4,500 units in 28 buildings that are under construction or planned for development, of which approximately 62 percent are condos, 32 percent are rental units and 6 percent whose tenure is yet to be determined.

The pipeline of residential development includes over 1,500 units in ten buildings under construction (57 percent rental and 43 percent condo) with plans to open in 2016. Among them: • Rose Associates’ building at completed the Courtesy of Rose Associates initial units in 2015 and will continue to roll out its 644 rental units throughout 2016. 70 Pine Street Rose Associates began leasing at 70 • Rudin Management’s 110 Wall Street completed the initial phases of conversion, with WeWork opening both an office Pine Street where it is bringing 644 luxury and its first residential offering, WeLive. The micro-unit rental units to market. A coffee shop, concept, which focuses on establishing a community-driven grocery store, La Palestra fitness center living concept, will add 232 units throughout the year, and rooftop restaurant by April Bloomfield eventually housing 600 people. & Ken Friedman are expected to open

• Construction continues on The Beekman Residences at 5 later this year. Beekman Street, a 51-story tower with 68 condo units. The new residential tower will join the 287-room Beekman Hotel, both developed by GFI Development and GB Lodging. The Beekman Residences are scheduled for completion in mid- 2016.

• Silverstein Properties’ Four Seasons Residences at 30 Park Place is scheduled to debut in mid-2016. The 82-story tower will offer 157 condo units and 189 hotel rooms.

• Magnum Real Estate is converting the top 22 floors at the former at 100 Barclay Street into 166 condo units. Approximately 100,000 square feet of retail is also planned at the base. The tower is expected to open in Courtesy of WeLive mid-2016.

• Construction continues on 50 West Street, a 65-story, WeLive at 110 Wall Street 191-condo unit tower. The building, developed by Time WeWork’s new micro-unit residential Equities, will open in late 2016. concept will bring 232 rental units, focused on communal living, to Rudin Management’s 110 Wall Street. The building also has a WeWork office space.

Lower Manhattan Real Estate Market Overview| Q1 2016 13 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

The first quarter saw the announcements of five residential HIGHLIGHTS OF LOWER MANHATTAN RESIDENTIAL DEVELOPMENT Source: Downtown Alliance properties in Lower Manhattan. Address & Lease & Units Open Date Building Name Building Type • Trinity Place Holdings announced the redevelopment of the Rental Units Under Construction former SYMS clothing store at 77 Greenwich Street. The 60 Fulton Street 1 Rental 120 2017 tower will comprise 85 condo units, a public primary school Exhibit New Construction

at the building’s base and incorporation of the 19th century 180 Water Street Rental 2 Conversion 565 2017 landmarked Dickey House at 67 Greenwich Street. The 3 20 Broad Street Rental 521 2017 company anticipates a 2019 completion. Conversion TOTAL Over 1,400 • China Oceanwide Holdings closed the sale of a development Condo Units Under Construction

assemblage at 80 from The Howard Hughes 19 Park Place Condo 1 New Construction 21 2016 Corporation (HHC) for $390 million (or $476 per buildable 12 Warren Street Condo square foot). The lot is capable of supporting 820,000 2 New Construction 13 2016 square feet of fully entitled development rights. The site 5 Beekman Street Condo/Hotel 3 The Beekman Residences New Construction 68 2016 includes , 163 Front Street and air rights 30 Park Place Condo/Hotel from 163 Front Street and 175 Front Street. 4 Four Seasons Residences New Construction 157 2016

50 West Street Condo • Hoping to capitalize on Lower Manhattan’s growing 5 New Construction 191 2016

residential community, put its 15-story 101 Wall Street Condo 6 Conversion 52 2016 dormitory at 106 Fulton Street on the market. The 100 Barclay Street Condo 75,000-square-foot building could fetch $60 million. 7 Ralph Walker Tribeca Conversion 161 2016 233 Broadway 8 Condo 34 2017 • A slew of new construction is proposed in the collection of Woolworth Residences Conversion Condo buildings along once occupied by J&R Music and 9 1 Seaport New Construction 80 2017 Computer World. Demolition is underway for two planned 10 49-51 Chambers Street Condo 81 2018 residential towers. Conversion 1 Beekman Street Condo o Construction is underway at Urban Muse’s 25-story, 11 New Construction 29 2018 29-condo unit tower at 1 Beekman Street. The tower Condo 12 New Construction 154 2018 will have 14,000 square feet of retail space and is Condo scheduled to be completed in 2018. 13 New Construction 275 2018

1 Wall Street Rental/Condo o L&M Development is eyeing a 54-story, 108-condo unit 14 Conversion 262/262 2018 tower at 23-31 Park Row. The tower will have 53,000 112-118 Fulton Street Condo 15 New Construction 483 2019 square feet of retail and is slated for a May 2019 TOTAL Over 2,000 completion. Condo & Rental Buildings Planned for Development

30 Warren Street Condo 1 New Construction 23 2017

130 William Street Condo/Hotel 2 New Construction 188 2018

45 Park Place Condo 3 New Construction 50 2018

75-83 Nassau Street Rental/Condo 4 New Construction 197 2018

23-31 Park Row Condo 5 New Construction 108 2019

45 Broad Street Condo 6 New Construction 245 2019

71 Condo 7 New Consruction 35 TBD 77 Greenwich Street Condo Trinity Place Holdings announced plans 8 Former Syms site New Construction 85 TBD to build 85 condo units and a public TOTAL Over 400 primary school at 77 Greenwich Street. TOTAL UNITS UNDER CONSTRUCTION 4,500+

Lower Manhattan Real Estate Market Overview| Q1 2016 14 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

Residential Rental Market MEDIAN RENTAL PRICE According to residential statistics published by Miller Samuel/ Source: Miller Samuel/Douglas Elliman Douglas Elliman, median rents across several Manhattan $3,800 neighborhoods saw a dip across the quarter and year over $3,700 year. In particular, Lower Manhattan’s median rent, $3,475, $3,604 1 $3,600 saw the greatest decrease across comparable neighborhoods , $3,475 decreasing almost five percent over the last quarter and two $3,500 percent year over year. $3,400 $3,400 $3,300 Residential Sales Market $3,200 $3,197 Over the past year, the difference in sales pricing trends has $3,100 grown between Lower Manhattan and comparable residential $3,000 neighborhoods. The spread has become more apparent in 1Q-2015 2Q-2015 3Q-2015 4Q-2015 1Q-2016 mid-2015 and early 2016, as super luxury, new development Lower Manhattan Downtown projects have closed in other parts of Manhattan. As closing activty begins for high-end projects in Lower Manhattan later this year, trends are expected to see upward growth. AVERAGE SALES PRICE ($) PER SF Source: Miller Samuel/Douglas Elliman $2,000 The Lower Manhattan sales market volume picked up during $1,900 the first quarter, with the total number of sales up by 36 $1,891 $1,800 percent since last year. However, despite a growth in sales $1,700 $1,716 activity and steady pricing, the average price per square foot $1,600 in the district lagged behind comparable markets. Lower $1,598 $1,500 Manhattan’s average price per square foot of $1,392 saw an $1,400 $1,392 increase of seven percent year over year. The greatest annual $1,300 increase in average price per square foot was seen in greater $1,200 downtown (defined as south of W. and E. 42nd to $1,100 ), showing a $500 price differential between Lower $1,000 Manhattan and greater Downtown. 1Q-2015 2Q-2015 3Q-2015 4Q-2015 1Q-2016

Lower Manhattan Downtown East Side West Side Median sales prices for Lower Manhattan co-ops and condos saw significant decreases at 18 percent year over year. At MEDIAN SALES PRICE Source: Miller Samuel/Douglas Elliman $980,000, Lower Manhattan co-ops and condos maintain a 20 percent and 12 percent discount over Manhattan’s east $1,500,000 $1.4 M and west sides, respectively. Manhattan-wide, median sales $1,400,000 price showed strength over the year, rising 17 percent, to $1.14

$1,300,000 million. $1.2 M 1Lower Manhattan defined as south of Chambers Street $1,200,000 to the Battery. Downtown defined as south of W. 34th and E. to the Battery. East Side defined as east of $1,100,000 6th Avenue, between E. 96th and E 42nd Street. West Side $1.1 M defined as west of 6th Avenue, between W. 116th and W. $1,000,000 34th Street. $980,000 $900,000

$800,000 1Q-2015 2Q-2015 3Q-2015 4Q-2015 1Q-2016

Lower Manhattan Downtown East Side West Side

Lower Manhattan Real Estate Market Overview| Q1 2016 15 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

MAJOR PROJECTS UPDATE

World Trade Center (WTC) 4 World Trade Center new park will feature the new $35 million, Santiago Calatrava- The 72-story, 2.3 million-square-foot office tower was completed designed St. Nicholas Greek Orthodox Church. The church broke in November 2013. The building is almost 67 percent leased to ground in late 2014 and is expected to be completed in 2017. MediaMath, PadillaCRT, SNY (SportsNet New York), Silver Suites, IEX, Performing Arts Center at the World Trade Center (PAC WTC) Morningstar, the Port Authority and the City of New York. The Performing Arts Center at the World Trade Center is making One World Trade Center progress in its design and development phase. There will be The 104-story, 3 million-square-foot office tower opened on three theaters holding 200, 300 and 500 people, with potential November 3rd, 2014. One World Trade Center is currently 67 to be combined to create one theater. Additionally, the TriBeCa percent leased. Tenants include Conde Nast, the U.S. General Film Festival will also call PAC WTC home upon its completion. Services Administration, High 5 Games, Moody’s, xAd and Servcorp. The Lower Manhattan Development Corporation (LMDC) recently In the first quarter, millennial media firm Mic inked a 36,000-square- authorized $10 million in funding for design and engineering foot lease, and bio-tech firm, Progenics Pharmaceuticals, signed for services, with half of the funding to come from LMDC and the 26,500 square feet on the 47th floor. A financial services firm and other half to be raised privately. The site for the PAC WTC is two tech companies additionally signed deals to relocate or expand currently occupied by the temporary PATH entrance, which will in the tower for a total of 15,500 square feet. be demolished later this summer. The project is anticipated to be Three World Trade Center complete in 2020. The 2.5 million-square-foot office tower is scheduled to top out in summer 2016 and to be completed in 2018. At the end of the fourth quarter of 2015, anchor tenant GroupM Worldwide finalized an expansion, adding 170,000 square feet to the existing 520,000 square feet signed in 2014. The tower is currently 28 percent leased. Two World Trade Center After over a year of negotiation between Silverstein Properties and 21st Century Fox and News Corp to anchor 1.3 million square feet, the deal was called off in early 2016. Silverstein will postpone work on the tower until an anchor tenant agrees to lease a substantial portion of the tower.

The World Trade Center Transportation Hub The 800,000-square-foot World Trade Center Transportation Hub officially opened to much fanfare in early March 2016, providing underground access to One World Trade Center, 4 World Trade Center, Brookfield Place and the PATH trains. Additional underground access will be become available to Church and Vesey Streets (base of future Tower 2) in May and to Fulton Center via the Dey Street Connector in June. The temporary PATH station will be deconstructed in late summer. World Trade Center Transportation Hub Underground connection to the World Trade Center E subway station is The 800,000-square-foot transit hub, designed anticipated to open at the end of 2016. Westfield’s 365,000-square- by Santiago Calatrava, opened its doors in foot retail complex will open in August 2016. early March, providing underground access to the WTC towers, Brookfield Place, PATH trains The Port Authority’s 1.5-acre park, located on the roof of the World and soon Fulton Center. Trade Center Vehicle Security Center (VSC), will be opening around Westfield’s 365,000-square-foot retail complex Memorial Day. The Liberty Street Bridge, also opening at the within the hub will open in August 2016 with same time on the west side of the park, will connect pedestrians 120 stores and restaurants. to Brookfield Place in . The eastern side of the

Lower Manhattan Real Estate Market Overview| Q1 2016 16 OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

Water Street Rezoning Seaport District The Downtown Alliance is working with the Department of City Pier 17 was topped out in early April and will continue construction Planning and the Economic Development Corporation on a zoning through 2017. Additional components of the Seaport redevelopment text amendment which would allow 17 buildings on the Water Street plan include space for the South Street3 World Seaport museum, Trade a corridor to infill their building’s covered arcade spaces with retail reconstructed Tin Building (relocatedCenter away from the FDR and out of the in exchange for specific upgrades to the plaza on their property. floodplain), lighting and pavilions under the FDR and an extension of Additionally, the text would allow café seating in arcade spaces Fulton and Beekman Streets onto PierWith 17. financing Plans were suspended in for and public programs in plazas. This zoning change would enhance a residential tower at the site of theplace, New Market the Building,building however the the street not only by providing retail, but by improving the public Howard Hughes Corporation finalizedis scheduledthe sale of 80 to South be Street to amenities in plazas and allowing the street to be activated. The text China Oceanwide Holdings. The companycompleted plans to in develop 2018. a residential amendment has been approved by the City Planning Commission and tower at that site. When completed in late 2017, the new pier and at press time is before the City Council for review. revitalized historic area will provide GroupM365,000 square signed feet a of retail, dining Resiliency and entertainment. lease for 515,000 square feet in the 2.5 City Investment Transportation Infrastructure million-square-foot This spring, the deBlasio administration announced that $100 million Fulton Center office tower. in City capital funds would be allocated to coastal resiliency in Lower The opening of Fulton Center’s 65,000 square feet of commercial Manhattan as part of a larger resiliency project funded by the U.S. and retail space began in late 2015 and will continue in phases Department of Housing and Urban Development’s National Disaster throughout 2016. Westfield is the master leaseholder of the transit Resilience Competition. The money will help build a network of flood center. The transportation hub opened in November of 2014, improving walls, berms and deployable flood barriers to protect the southern connections between nine subway lines and five subway stations. A tip of Manhattan from flooding. The project will extend from the total of 300,000 commuters, residents and tourists pass through each , around the tip of the island, all the way to Battery day. The last piece of the transit complex, the Dey Street connector, Park City. Separately, the City set aside nearly $15 million, including (providing underground passage between Westfield World Trade Center $6.75 million from the City and State, for preliminary design and and Fulton Center), is expected to open this summer. Once finished, the environmental review and another $8 million for first-phase flood underground connection between Fulton Center and Brookfield Place protection design and implementation in Battery Park. The City’s will be complete. Economic Development Corporation plans to begin design work for the Citywide Ferry Service Lower Manhattan coastal resiliency initiative later this year. In March, Mayor de Blasio announced the Citywide Ferry Service is South Ferry station on track to launch next year, with the selection of Hornblower as its The MTA announced the main entrance to the South Ferry station operator. Hornblower will deliver at least 18 new boats, which will all be will close for several months (reopening August 2016), as Sandy- equipped with WiFi. In addition to the existing Ferry, there will damaged equipment is replaced and flood mitigation measures are be five new routes, providing a total of 21 landings. Routes to Astoria, put into place. During construction, the old South Ferry station will South and the Rockaways are anticipated for 2017, while remain operational and accessible from alternative entrances. The 2018 will see routes added to the Lower East Side and Soundview in construction is part of a $194 million contract to rebuild the South . All routes will have a stop at Pier 11-Wall Street. One-way Ferry subway station that was damaged in Hurricane Sandy. The tickets will cost $2.75, and 4.6 million trips are projected annually. station will receive permanent flood protection measures and become wheelchair accessible and will allow entry and exit for all ten cars along the No. 1 line. Completion is expected in 2017. World Trade Center Waterfront Transportation Hub The Battery The Battery Conservancy will celebrate the opening of The Battery Oval—a monumental public lawn at the Broadway entrance to The Battery—by debuting 300 moveable Battery Chairs and creating a midsummer fair of food and flowers on June 25 and 26. Over the past two decades, The Battery has been designed and rebuilt to serve the Courtesy of The Battery Conservancy modern Downtown—with The Oval as the focal point of gathering. The The Battery Battery Midsummer Fair celebrates this progress and showcases our The Battery Oval, a two-acre lawn, will reopen to region’s emerging producers of agriculture, horticulture, food, and the public in June with a 100-vendor marketplace. craft with a shared commitment to biodiversity.

Lower Manhattan Real Estate Market Overview| Q1 2016 17 Visit www.downtownny.com/research for additional publications on the Lower Manhattan real estate

market and economy. Documents include a complete list of residential and hotel developments,

available retail spaces, a summary of leasing incentives and other research reports including:

Surging Ahead: Lower Manhattan’s Economic Revival and What It Means For New York, a report on the major advances in Lower Manhattan’s economy expected over the next five years as a result of post-

September 11th investments and the area’s status as a burgeoning center for some of New York City’s highest value, most dynamic industries;

The Brain Gain, 2015 Report, updated report on how the region’s shifting demographics continue to favor the Lower Manhattan Business District. Previously released in 2012, updated data shows an even stronger trend;

TAMI Takes Lower Manhattan, a report on the growth of technology, advertising, media, and information companies moving south of Chambers Street;

Everything Old is New Again: Conversions of Historic Properties in Lower Manhattan, a report on historic properties preserved through significant investment and changs in use;

The Golden Age of Transit in Lower Manhattan, a report released on Fulton Center’s opening, describing how the more than $6.4 billion of transit investments made since 2005 benefit a large and growing labor force;

Going to the Head of the Class: The Growth of Higher Education in Lower Manhattan, a report on the growth of higher education in Lower Manhattan;

A Surge of Bits and Bytes: The State of Tech and Innovation in Lower Manhattan, a report on Lower

Manhattan’s growing technology industry.

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