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Home , 125 Greenwich Street, 130 William, 14 Wall Street, 1 New York Plaza, 250 Vesey Street, 28 Liberty Street

EMPLOYMENT & OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

ALLIANCE FOR DOWNTOWN LOWER REAL ESTATE MARKET OVERVIEW Q2 2016 COMMERCIAL OFFICE MARKET

Lower Manhattan’s commercial market sent mixed signals through the second quarter of 2016, echoing trends also seen in other Private Sector Employment submarkets. Office leasing was on par with activity last year but still below the historical average, and news of new major tenant Total Private relocations remained quiet. Despite this, there were clear areas 232,200 Sector Workers of strength. The vacancy rate is currently below 10 percent, and key companies committed to stay or expand Additional Workers in new locations south of Chambers Street. The arrival of new 5,100 Year Over Year commercial tenants and the opening of hotels and retail has pushed Lower Manhattan’s private sector employment to grow, workers or 2% growth year over year. The employment expansion reaching a new post-2001 peak of more than 232,000 employees cuts across all the key sectors that have been fueling Lower 1 as of the end of 2015. Manhattan’s economy and leasing activity.

EMPLOYMENT The hotel, retail and restaurant sectors added the largest share of employees to Lower Manhattan over the course of 2015. These Private sector employment climbed to nearly 232,200 employees as industries grew by more than 2,000 employees or 10%. More than of the end of 2015, marking the sixth consecutive year of growth and 58 stores and restaurants were added to the retail market, including the highest point since Lower Manhattan had 236,700 private sector Brookfield Places’ offerings as well as three hotels with over 433 rooms.2 employees at the end of 2001. This reflects a net growth of 5,100

1 Reflects latest data available. Source: New York State Department of Labor, Q4 2015 data 2 Reflects net growth in retailers and restaurants PRIVATE SECTOR EMPLOYMENT GROWTH, 2001 - 2015 Source: New York State Department of Labor

240,000 236,737 Peak Employment 232,150 Since 2001 230,000

220,000

214,320 211,405 210,000

200,000 199,491

190,000

180,000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

Note: Reflects Q4 Data only.

Lower Manhattan Real Estate Market Overview| Q2 2016 1 EMPLOYMENT & OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

Lower Manhattan’s employment market also experienced growth in many of the sectors that have driven office leasing activity and the diversification of Lower Manhattan’s economy in recent years. Education and Healthcare added more than 1,300 employees to the private sector. New schools from pre- to colleges and Westfield World Trade Center, which includes professional programs have opened their doors, and new healthcare 365,000 square feet of retail, shops and dining, tenants (such as Planned Parenthood at 123 William Street and will be one of Lower Manhattan’s major employers th Progenics Pharmaceuticals at ) have made when it opens its doors on August 16 , 2016. More their headquarters south of Chambers Street. Other office-using than 120 stores and restaurants in the Oculus, industries, such as Professional Services and Information and as well as , are expected to employ Media, have also expanded. Significant media companies– such an estimated 10,000 full and part-time workers. as TIME, which relocated in late 2015– are driving an increase in Westfield held a job fair as well as interview skill Information sector employment, which expanded by more than and resume-building seminars during late June at 1,100 employees in the final quarter of 2015 alone. the Conrad Hotel to attract retail employees. Hotel, Retail and Restaurant employment currently totals more than 21,700 employees in Lower Manhattan and can only be expected to rise as Westfield and other major retail additions– such as the complex Education & Healthcare of stores and dining at Pier 17 and Saks Fifth Employment Up Avenue at Brookfield Place– are unveiled over the next year. The Downtown Alliance published an economic impact study, Surging Ahead, detailing 1,300 anticipated employment growth in the hotel, retail Workers Year Over Year and restaurant sectors, as well as other sectors, in late 2015. To view, please click here.

GAINS IN PRIVATE SECTOR EMPLOYMENT BY INDUSTRY, Q4 2014 - Q4 2015 Source: New York State Department of Labor

2,500

2,016 2,000

1,500 1,371

1,000 695 646 646 Private Sector Employees 526 500 99

Hotel, Retail Education Other FIRE Administrative Professional Information & & Social Services & Support Services Restaurants Services

Note: Other Services includes personal services, such as repair shops, launderies, hair salons, health clubs, as well as a variety of nonprofits, unions, trade associations, etc.

Lower Manhattan Real Estate Market Overview| Q2 2016 2 EMPLOYMENT & OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

LEASING ACTIVITY

Lower Manhattan leasing activity was quiet through mid-year, NEW LEASING ACTIVITY BY INDUSTRY IN mirroring the citywide trend of below average activity. Totaling 1.07 LOWER MANHATTAN, Q2 2016* million square feet, according to CBRE, second-quarter leasing is Source: Jones Lang LaSalle down 20% from the five-year average but up 11.5% from a sluggish Other first quarter. Second quarter activity was buoyed by existing Lower Professional Services Services 4% Manhattan tenants signing large deals to expand or move to new 10% spaces throughout the district. FIRE Through mid-2016, Lower Manhattan’s leasing activity totals just over 37% two million square feet, on par with last year’s pace at this time. Year- Education, Healthcare & Q2 2016 to-date leasing activity is still down 16% from the five-year average. Nonprofit New Leasing 22% Activity by Overall, second quarter leasing was largely driven by major FIRE and Industry Government tenants either committing to stay or expanding. These include the New York Department of Finance, which inked the largest deal of the quarter with a commitment for 182,750 square feet at the recently repositioned 375 . The city agency will be moving some executive level offices and relocating Brooklyn operations to the 1.1 million-square-foot property. The Department TAMI of Finance currently has a 400,000-square-foot lease at 66 John 27% Street, not set to expire until 2024. QBE , an *By square footage

LOWER MANHATTAN YTD LEASING ACTIVITY, 2012 - 2016 Source: CBRE

4.0 Million

3.5 MSF 3.5 Million

3 Million

2.5 Million 2.46 MSF

2.02 MSF 2.01 MSF 2.03 MSF

SF 2 Million Q2 1.5 Million Q2 Q2 Q2 1 Million Q2

500,000

Q1 Q1 Q1 Q1 0 2012 2013 2014 2015 2016

Lower Manhattan Real Estate Market Overview| Q2 2016 3 EMPLOYMENT & OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

LOWER MANHATTAN TOP LEASES, Q2 2016 insurance company, is relocating from a 99,379-square-foot space Source: Downtown Alliance, CBRE, JLL, CoStar, Colliers International in 88 Pine Street to 97,228 square feet in , making it Tenant Name SF Leased Sector the second largest lease of the quarter. Location Transaction Type 182,750 Expansion & NYC Department of Finance 1 Relocation from Government The World Trade Center also made gains this quarter due to FIRE Brooklyn offices tenants choosing to stay in Lower Manhattan or expand operations. to LM Trading, a financial technology company, signed a 97,228 QBE Insurance 2 Moving Within FIRE commitment to expand and move from 30,351 square feet in 32 Old 55 Water Street LM Slip to a 69,000-square-foot space on floors 57 and 58 in 4 World 69,000 Hudson River Trading Trade Center. Another current Lower Manhattan tenant, Ameriprise 3 Moving Within FIRE Financial, LM & Expansion signed a lease for 37,000 square feet at One World Trade Center. Paradigm Talent Agency 50,604 4 Other, Arts 140 Relocation The Port Authority of New 41,516 While there was a lack of blockbuster relocations, there were some 5 York & Government Renewal 115 Broadway healthy mid-size deals announced within the Education, Healthcare, 37,704 and TAMI sectors. TAMI’s share of leasing activity held steady Ameriprise Financial 6 Moving Within FIRE One World Trade Center from past quarters, with a 27.1% share. Deals announced in this LM Premier Home Health Care sector include Allied Advertising Public Relations’ relocation from 34,274 7 Services Healthcare Midtown to 28,098 square feet in 233 Broadway. In addition, Radio New LM Location 4 New York Plaza One, a cross-platform brand sales and marketing firm, will move to Fitapelli and Schaffer 28,329 Professional 8 a 26,810-square-foot office in 4 New York Plaza. Finally, Paradigm Relocation Services, Law Talent Agency, an entertainment and literary talent agency, signed Allied Advertising 28,098 TAMI, Public 9 a 50,604-square-foot lease to relocate to from the 233 Broadway Relocation Relations Madison Square Park area. Paradigm’s clients are in many of the IPsoft 27,199 TAMI, 10 industries that have seen rapid growth in Lower Manhattan over the New LM Location Technology past several years, including digital media, book publishing and television. Radio One 26,810 11 TAMI, Media 4 New York Plaza Relocation Brennan Center for Justice 25,476 Overall, Education and Healthcare accounted for 23% of new leasing 12 at NYU School of Law Nonprofit Relocation this quarter, up from 6% in the first quarter, according to Jones 120 Broadway Lang LaSalle. Healthcare, in particular, has been a key player in AmWINS 21,760 13 FIRE 88 Pine Street Renewal the market, with over 80,000 square foot of leases executed this quarter. Among these deals: Cornell University 21,750 14 Education 88 Pine Street New LM Location

Clausen Miller 21,039 Professional 15 ●● Premier Home Health Care Services completed two deals Renewal 28 Liberty Street Services, Law this quarter with an 18,000-square-foot renewal at 42 EidosMedia 19,006 16 TAMI, Media Broadway and a commitment to a second Lower Manhattan 14 Expansion location in 34,274 square feet in 4 New York Plaza. Premier Home Health Care 18,000 17 Services Healthcare ●● The National Institute of Reproductive Health signed a Renewal 42 Broadway deal to relocate from to 14,830 square feet 17,107 Professional Emerald Expositions 18 Moving Within Services, in . 100 Broadway LM Other ●● The Ronald Perelman and Claudia Cohen Center for NYC Dept. of Sanitation 16,889 19 Government Reproductive Medicine Weill Cornell committed to relocate 33 New LM Location from Midtown South to a 10,547-square-foot facility in 255 National Institute for 14,830 20 Reproductive Health Healthcare . Relocation 14 Wall Street

Lower Manhattan Real Estate Market Overview| Q2 2016 4 EMPLOYMENT & OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

New York University and Cornell University will both be expanding RENTS their overall presence south of Chambers Street with deals signed this quarter. The NYU-affiliated, Brennan Center for Justice at NYU Lower Manhattan’s overall average asking rent was stable for the School of Law, is moving from Midtown South to 25,476 square feet second consecutive quarter. The average held steady at about in 120 Broadway. joins two other NYU establishments $59.14 and is now up just 1.5% year-over-year, according to south of Chambers Street, including the Polytechnic School of Cushman & Wakefield. The overall average has been stable as a Engineering’s Manhattan Programs housed in 55 and result of the availability of large blocks of Class A space with above academic facilities for New York University’s School of Professional average pricing holding firm and landlords preferring to maintain Studies located in 63,754 square feet in the . asking prices while offering concessions to tenants to negotiate deals. Cornell University executed a lease for 21,750 square feet in 88

Pine Street and will be relocating back offices from Midtown. This Pricing in Class B and C office buildings had year-over-year growth in is Cornell’s second lease in Lower Manhattan; Cornell opened a Lower Manhattan, but pricing growth showed signs of stabilizing this satellite of its College of Architecture, Art and Planning in 11,000 quarter. While Class A pricing has hovered at about $62 per square square feet at in Fall of 2014. foot for the last six quarters, Class B and C rents are up 12.8% and 18.4% year over year. However, Class B pricing also steadied this Lower Manhattan quarter to $50.55 per square foot, and Class C pricing rose 3.6% but represents a small, 7.2% share of overall available space in Average Asking Rent $59.14 Lower Manhattan.

LOWER MANHATTAN AVERAGE ASKING RENTS BY OFFICE CLASS, Q2 2012 - Q2 2016 Source: Cushman & Wakefield

$70 Class A Rents Flat Over Previous 6 Quarters $65 $60 $62.24 $55 $52.73 $50 $45.29 $50.55 $45 $40 $35.10 $35 $30 $30.85 $25 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2012 2013 2014 2015 2016 Class A Class B Class C

Lower Manhattan Real Estate Market Overview| Q2 2016 5 EMPLOYMENT & OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

VACANCY ●● 4 World Trade Center is also now 70% leased and now marketing 706,000 square feet after this past quarter’s Steady leasing has contributed to a modest decline in the vacancy 69,000 square foot deal with Hudson River Trading. rate, which reached 9.8% as of the second quarter, according to ●● 375 Pearl Street posted the largest absorption of space Cushman & Wakefield. among Lower Manhattan’s largest blocks in the second quarter, with the completion of the NYC Department of While Lower Manhattan is currently working through more than 6.8 Finance transaction for 182,750 square feet. The newly million square feet of Class A office space found in large blocks (over repositioned building is now just under 50% leased with a 180,000 square feet), including about 3.5 million currently available total of 579,000 square feet currently being marketed. in the World Trade Center, the market continues to make progress in Collectively, these leases as well as the major deal signed at 375 absorbing this space. Notably, the gap between Lower Manhattan’s Pearl helped drop the Class A vacancy rate by 1 percentage point and Midtown vacancy rate is closing. Midtown’s vacancy rate is from last quarter to 11.7%. 9.2%, just below Lower Manhattan’s 9.8% vacancy rate. In fact, Lower Manhattan’s 12-month outlook for vacant and available space is now just below Midtown’s 10.4% share. Among the large VACANCY RATES BY SUBMARKET, Q2 2012 - Q2 2016 Source: Cushman & Wakefield blocks and their continued lease-up: 13%

12% ●● 28 Liberty Street currently has the third largest block of Class A space in Lower Manhattan. During the second 11% quarter, the building’s leasing team announced a deal with 10% Fitapelli and Schaffer, a law firm, for 28,329 square feet and now has 1.09 million square feet on the market. 9%

8% ●● One World Trade Center is now 70% leased as a result of 7% several leases this past quarter. Completed leases with Ameriprise Financial for 37,000 square feet and East Soft, 6%

a technology company, for 5,262 square feet brought the 5% total available space below 1 million square feet to 996,000 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 square feet. 2012 2013 2014 2015 2016 Lower Manhattan Midtown Midtown South

LOWER MANHATTAN’S LARGEST BLOCKS OF SPACE & AVAILABILITY, Q2 2016 Source: Downtown Alliance, CoStar, JLL, Cushman & Wakefield, &

SF 67% 3.0 Million Leased 31% 88% 2.5 Million Leased 67% 82% Leased 59% 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| Q2 2016 6 EMPLOYMENT & OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

PROPERTY SALES3 Office Buildings ●● 124 Chambers Street, a 10,359-square-foot, six-story According to Newmark Knight Grubb Frank, four office building loft building, was purchased for $7 million or $676 transactions closed in the second quarter, totaling over 4.19 million per square foot by Michael Asch from Sandra Levitt. The square feet: property has one ground floor retail tenant, Ecco Italian restaurant.

●● A minority (49%) interest in , a 2.55-million-square-foot building, was purchased by China Hotel Investment Corporation, a sovereign wealth fund, for $700 million from Brookfield Property Partners. Brookfield Cindat Capital Management completed two partial interest purchased the property in 2006. This transaction values investments in hotels east of Broadway from Hersha Hospitality the building that is home to , Macmillan Science and Trust in the second quarter. Education and Fried, Frank, Harris, Shriver & Jacobson at $561 per square foot. ●● Cindat purchased a partial interest (70%) in Holiday Inn Express -Wall Street, a 112-key hotel located ●●  Real Estate of America, the equity investor arm of the at 126 Water Street, for $30 million, valuing the total Allianz Insurance companies, purchased a 49% stake in 24 property at $382,548 per key. , a 885,645-square-foot tower, from the Rudin ●● Cindat paid $29.66 million for the 113-key Holiday Inn New Organization, for $178.9 million. The property is valued at York City-Wall Street at 51 Nassau Street. This values the $412 per square foot. hotel at $374,959 by key.

●● Tribeca Associates completed a $130 million deal for the Residential master leasehold of 30 Broad Street from Realty. 30 Broad Street is a 427,088-square-foot property adjacent ●●  closed on the purchase of a 30-year to the . leasehold interest in 33 Beekman Street, a 772-bed student housing tower, from a partnership between Naftali ●● Blackstone purchased the 336,000-square-foot 44 Wall Group, SL Green and Harel Insurance for $196 million Street from Obligo, a Norwegian investment management dollars. The student residence hall welcomed its first firm, for $100 million or $298 per square foot. 44 Wall residents in fall 2015. Street is currently fully leased, and its largest tenant is Cullen and Dykman, a law firm occupying five floors of the 24-story property.

Office Condominiums

●● The purchase of the 524,500-square-foot condominium at 125 Broad Street by Sullivan & Cromwell from Mack Cali closed in the second quarter for $202 million or $385 per square foot.

Retail Buildings and Condominiums

●● The Gindi Family, owner of the Lower Manhattan-based Courtesy of Brookfield Properties Century 21 retail chain, purchased a 12,190-square foot 2 Rector Street retail condominium at 1 Coenties Slip from Northwind 1 New York Plaza Group. The purchase price, $19 million dollars, values the retail property at $1,559 per square foot. Current tenants China Investment Corporation purchased a include three restaurants: La Dama, a Latin American minority stake for $700 million from Brookfield restaurant; Guac Star; and Zigolini’s Fine Foods. Property Partners.Courtesy of CoStar 3 Source: Newmark Knight Grubb Frank, reports on closed transactions. Properties listed by category and by descending order of transaction price.

Lower Manhattan Real Estate Market Overview| Q2 2016 7 EMPLOYMENT & 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 the end of 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, Fulton Center and the Seaport District, along with other numerous projects throughout the district.

With an official opening date of August 16th, 2016, Westfield World Trade Center will become a magnetic and engaging destination with over 120 stores and restaurants located in the Santiago Calatrava- designed Oculus and at the base of the 3 and 4 World Trade Center buildings. Mario Batali’s Eataly will serve as the culinary anchor among a variety of other food, beverage and dining options. The 365,000-square-foot, fully-leased complex has a retail and dining The 65,000 square feet of roster that includes Hugo Boss, Kate Spade New York, Banana retail in Fulton Center began Republic, Forever 21 and H&M. This past June, Westfield held a job opening in 2016. Shake fair, where over 5,000 candidates attended and more than 65 retailers Shack opened this quarter and restaurants participated. The World Trade Center and Fulton on the second floor. Center retail complexes, both overseen by Westfield, will add 10,000 full and part-time jobs to the local economy.

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. Shake Shack opened in mid-July on the second floor of Fulton Center, and WeWork will occupy office space in the and 3rd floor of Fulton Center beginning in August 2016. The transportation hub opened in November 2014, improving connections between nine subway lines and five subway stations. A total of 300,000 commuters, residents and tourists pass through each day. The final piece of the transit complex, the Dey Street Connector, an underground passageway that includes retail kiosks linking Brookfield Place, Westfield World Trade Center and Fulton Center, opened this past June.

At Brookfield Place, contemporary brands continued to roll out after the spring 2015 opening of the 375,000-square-foot repositioned retail space. This quarter saw Reserve, Joie and Jo Malone London join the upcoming retail roster. Jose Garces’ Amada opened along in late April and will be followed by Del Frisco’s Over 120 stores and restaurants at Grille, which will open in summer 2017. Lower Manhattan’s first luxury Westfield World Trade Center are expected department store, Saks Fifth Avenue, is slated to open at the complex to open on August, 16th 2016. in early September 2016.

Lower Manhattan Real Estate Market Overview| Q2 2016 8 EMPLOYMENT & OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

In the Seaport District, iPic Theaters is continuing construction and plans to open an eight-screen movie theater in early October in the Fulton Market Building. Recently, by CHLOE., the fast-casual vegan restaurant, announced it will join Jean-Georges Vongerichten and David Chang as the first restaurants to open in the revitalized Seaport District in summer 2017. Committed to creating a distinct destination, the Howard Hughes Corporation brought back seasonal programing like the Seaport Culture District, Seaport Design Market and Smorgasburg food market during the spring and summertime months. The new pier and revitalized historic area will provide 365,000 square feet of retail, dining and entertainment.

At the end of the second quarter, the district had 1,076 stores and Photo by Nick Solares for NY Eater restaurants. A total of 36 new stores and restaurants opened in Lower Amada opened at Manhattan, including: in Brookfield Place. ●● Schilling, an Austrian-Mediterranean restaurant by Edi Frauneder at 109 Street; ●● Black Fox Coffee Co., an Australian coffee shop, at ; ●● Sweetgreen, a fast-casual restaurant serving seasonal, healthy food, at 67 Wall Street; ●● Bluemercury, a luxury beauty retailer, at 275 Greenwich Street; ●● New York Sports Club, relocating from 30 Wall Street to 30 Broad Street; ●● The announcement of Todd English’s launch of “The English” in the W Downtown at 123 Washington Street later this summer; Courtesy of Schililng ●● BlackTail, a Cuban-themed bar and restaurant from the team behind the Dead Rabbit, opening this summer in Pier A Harbor Schilling debuted House at 22 Battery Place; and at 109 Washington Street. ●● Blue Ribbon Federal Grill to open late fall in the AKA Wall Street on 84 William Street.

2.3 Million SF of new & repositioned retail space Courtesy of Black Fox Coffee Black Fox Coffee Co. opened at 70 Pine Street.

Lower Manhattan Real Estate Market Overview| Q2 2016 9 EMPLOYMENT & OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

TOURISM & HOSPITALITY

Record Year for Tourism LOWER MANHATTAN HOTEL DEVELOPMENT PIPELINE Source: Downtown Alliance Lower Manhattan welcomed 14.2 million unique visitors1 in Owner/ Open 2015, up 14% from 2014 and up 48% from 2013 (which felt the Hotel & Address Rooms Floors Developer Date aftermath of ). This upward trend is sustained by strong visitation at the new One World Observatory, National The Beekman Hotel GB Lodging 1 Group 287 9 2016 September 11 Memorial Museum and the and Ellis Island. Courtyard by Marriott 2 133 Greenwich Street Hidrock Realty 317 31 2016

Hotel Development Takes Off Four Seasons Downtown Silverstein 21 3 27 Barclay Street Properties 189 (of 82) 2016 At the end of the second quarter, there were 5,837 hotel rooms in 28 hotels throughout Lower Manhattan — a 14 percent Westbury 4 The Artezen Hotel Realty 89 21 2016 increase over the past year. This quarter, the AKA Wall Street 24 John Street Associates opened at 84 William Street with 140 hotel rooms. While Lower Fairfield Inn & Suites Jiten Hotel Manhattan makes up around five percent of New York City’s 5 100 Greenwich Street Management 192 25 2017 total hotel inventory of 108,000 hotel rooms2, approximately 20 Hilton Garden Inn McSam Hotel percent of hotel rooms under construction in all of New York City 6 6 Water Street Group 250 29 2017 are in Lower Manhattan. Marriott Residence Inn 120 Some 3,000 hotel rooms in 17 hotels are currently in the 7 Lam Group (upper 40 2017 215 Pearl Street floors) development pipeline. In 2016, inventory is expected to grow 200 by up to 25%, as nearly 900 rooms in four additional properties 8 Courtyard by Marriott Lam Group (lower 40 2017 215 Pearl Street floors) will come online in 2016. If all these projects meet current deadlines, the hotel inventory in Lower Manhattan will reach AC Hotel | Marriott Fortis Property 9 151 Group 271 33 2017 nearly 6,700 rooms by year-end 2016. Those remaining

properties scheduled for completion in 2016 include: Hotel Indigo 10-12 MLane 10 8-12 Maiden Lane Inc. 190 25 2017

●● The Beekman Hotel at 5 Beekman Street, 287 rooms; Boutique Hotel 11 Battery Maritime Building NYCEDC 70 5 2017 ●● Courtyard by Marriott Manhattan/World Trade Center at 133 Greenwich Street, 317 rooms; TBD Hotel Premier 12 11 Emerald LLC 143 27 2018 ●● Four Seasons Hotel New York Downtown at 27 Barclay Extended Stay Hotel Prodigy Street, 189 rooms; 13 17 John Street Networks 106 23 20188 ●● The Artezen Hotel at 24 John Street, 89 rooms. Moxy Hotel Tribeca 14 143 Fulton Street Associates 228 26 2018

TBD Hotel Lightstone TBD 12 of all hotel rooms 15 Street Group (of 50) 2018 under construction 16 Hotel Indigo Atlas 122 31 2018 in NYC are in 120-122 Water Street Hospitality Lower Manhattan 17 TBD Hotel Fit Investment 188 29 TBD 20% 50 Trinity Place Group Total Hotels in the Pipeline 17 Total Hotel Rooms in the Pipeline 2,937

1 Source of tourism estimates: Audience Research & Analysis 2 Source of New York figures: NYC & Company

Lower Manhattan Real Estate Market Overview| Q2 2016 10 EMPLOYMENT & OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

Occupancy and Average Daily Room Rate LOWER MANHATTAN HOTEL PERFORMANCE, ACROSS The second quarter’s average occupancy was 88%, a SECOND QUARTER percentage consistent with trends in Lower Manhattan and Source: Downtown Alliance citywide. The average daily room rate (ADR), however, has $310 seen a decline over the past two years. Lower Manhattan’s 94% ADR in the second quarter of 2016 was $266, down slightly $301.66 $300 year-over-year and 13% from 2014. New York City’s ADR has 92% $292.83 $290 grown six percent year-over-year to $286. 90% 90.7% 88.5% 88.0% $280 88%

In looking at the second quarter hotel performance over the $270 86% $270.14 past four years, the Lower Manhattan hotel market had a 86.1% $266.49 mixed track record. Over the past four years, the number of 84% $260 hotel rooms in the district has grown 16%, while demand has 82% $250 yet to reach its full potential. While occupancy has held strong, expanding hotel room supply, especially in limited service 80% $240 Q2 2013 Q2 2014 Q2 2015 Q2 2016 hotels, has led to downward pressure in the overall average Average Daily Room Rate Occupancy Rate room rate–revealing a 10% decrease since 2013. Revenue per available hotel room is staying strong, as high occupancy rates are making up for decreasing room rates. While downtown hotel supply continues to increase, future demand is expected to grow with the recent addition of upgraded transportation Y-O-Y growth infrastructure, new office product, residential buildings and in hotel room retail destinations in the next several years. inventory by 25% year-end 2016

GROWTH IN LOWER MANHATTAN HOTEL ROOMS Source: Downtown Alliance

10,000 8,765 9,000 8,003 8,000

7,000 6,710

6,000 5,357 4,924 5,000 4,108 4,000

3,000

2,000 Courtesy of AKA Wall Street 1,000

The AKA Wall Street opened 0 at 84 William Street with 2013 2014 2015 2016 2017 2018+ 140 rooms. Blue Ribbon Existing Hotel Rooms New Hotel Rooms Projected Hotel Rooms Federal Grill will open this fall at the hotel.

Lower Manhattan Real Estate Market Overview| Q2 2016 11 EMPLOYMENT & OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

RESIDENTIAL MARKET

HIGHLIGHTS OF LOWER MANHATTAN RESIDENTIAL DEVELOPMENT Inventory and Development Source: Downtown Alliance Address & Lease & Lower Manhattan, defined as the area south of Chambers Street, Units Open Date Building Name Building Type has 30,400 units in 318 mixed-use and residential buildings and Rental Units Under Construction

an estimated population of approximately 60,000. There are 60 Fulton Street Rental 1 Exhibit New Construction 120 2017 currently more than 4,400 units in 28 buildings that are under 180 Water Street Rental construction or planned for development. Among the projects 2 Conversion 565 2017

under construction and in development, approximately 62 percent 20 Broad Street Rental 3 Conversion 521 2017 are condos and 32 percent are rental units, while the remaining 6 TOTAL 1,468 percent having tenure yet to be determined. Condo Units Under Construction

19 Park Place Condo The pipeline of residential development includes over 670 condo 1 New Construction 21 2016 units in eight buildings under construction with plans to open in 12 Warren Street Condo 2 New Construction 13 2016 2016, many of which have begun sales closings. Construction 5 Beekman Street Condo/Hotel continues on several buildings, among them: 3 The Beekman Residences New Construction 68 2016 ●● The Beekman Residences at 5 Beekman Street, a 51-story 30 Park Place Condo/Hotel 4 Four Seasons Residences New Construction 157 2016 tower with 68 condo units is wrapping up construction. The 50 West Street Condo new residential tower will join the 287-room Beekman Hotel, 5 New Construction 191 2016

both developed by GFI Development and GB Lodging. The 101 Wall Street Condo 6 Conversion 52 2016 Beekman Residences are scheduled for completion in fall 2016. 100 Barclay Street Condo 7 Ralph Walker Tribeca Conversion 161 2016 ●● Silverstein Properties’ Four Seasons Residences at 30 Park 233 Broadway Condo Place is scheduled to debut in summer 2016. The 82-story 8 Woolworth Residences Conversion 34 2017 tower will offer 157 condo units and 189 hotel rooms. Condo 9 1 Seaport New Construction 80 2018 Magnum Real Estate is converting the top 22 floors at the ●● 1 Beekman Street Condo 10 New Construction 29 2018 former at 100 Barclay Street into 166 111 Murray Street Condo condo units. Approximately 100,000 square feet of retail is 11 New Construction 157 2018

also planned at the base. The tower is expected to open in fall Condo 12 New Construction 275 2018 2016. Rental/Condo 13 Conversion 262/262 2018 ●● The Claremont Group’s 101 Wall Street is finalizing 112-118 Fulton Street Condo conversion of the office tower into 52 condo units and will be 14 New Construction 483 2019 completed in fall 2016 TOTAL 2,120 Condo & Rental Buildings Planned for Development ●● Construction continues on 50 West Street, a 65-story, 1 130 William Street Condo/Hotel 188 2018 191-condo unit tower. The building, developed by Time New Construction 45 Park Place Condo Equities, will open in late 2016. 2 New Construction 50 2018

3 75-83 Nassau Street Rental/Condo 197 2018 residential New Construction over 4 23-31 Condo 108 2019 units under New Construction Condo construction 5 New Construction 150 2019 77 Greenwich Street Condo in Lower 6 Former Syms site New Construction 85 2019 TOTAL 878 4,500 Manhattan TOTAL UNITS IN THE PIPELINE 4,466 Note: Chart displays selected properties. For complete pipeline please click here.

Lower Manhattan Real Estate Market Overview| Q2 2016 12 EMPLOYMENT & OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

The second quarter saw plans proceed for two residential properties in Lower Manhattan. MEDIAN RENTAL PRICE ●● Soho Properties’ 45 Park Place began construction on a Source: Miller Samuel/Douglas Elliman 43-story, 50-condo unit tower after receiving construction $3,800 $3,716 financing. Adjacent to the tower will be a three-story $3,700 Islamic museum. Completion is expected in 2018. $3,600 $3,646 Madison Equities and Pizarotti IBC have filed plans for a ●● $3,500 1,115-foot residential tower at the current vacant lot at 45 $3,400 Broad Street . The tower will have 150 condo units and six $3,384 floors of office space. A 2019 completion is anticipated. $3,300 $3,200 $3,237 Residential Rental Market $3,100 According to residential statistics published by Miller Samuel/ $3,000 Douglas Elliman, median rents across several Manhattan 2 Q - 2 0 1 5 3 Q - 2 0 1 5 4 Q - 2 0 1 5 1 Q - 2 0 1 6 2 Q - 2 0 1 6 neighborhoods remained relatively steady year-over-year. Lower Lower Manhattan Downtown East Side West Side Manhattan’s median rent, $3,646, saw the greatest increase across comparable neighborhoods, increasing almost five percent over the last quarter. That rise can be attributed to higher-end rental units becoming leased, like those at 70 Pine AVERAGE SALES PRICE ($) PER SF Street. Source: Miller Samuel/Douglas Elliman

$2,000 Residential Sales Market $1,913 The volume of Lower Manhattan sales picked up from last $1,800 $1,868 year’s second quarter with the total number of sales up by average price per square foot $1,581 8%. Lower Manhattan’s of $1,600 $1,581 saw an increase of 14 and 20 percent over the past quarter and year, respectively. The jump in sales pricing can $1,537 $1,400 be attributed to closing activity beginning for a number of high-end residential projects in the neighborhood. The greatest $1,200 annual increase in average price per square foot was seen in greater downtown (defined as south of W. and E. $1,000 42nd to ), growing by 39 percent year-over-year; this 2Q-2015 3Q-2015 4Q-2015 1Q-2016 2Q-2016 geography also includes the neighborhoods in Lower Manhattan Downtown East Side West Side Lower Manhattan.

1Lower Manhattan defined as south of Chambers Street to the Battery. Downtown defined as south of W. 34th and E. 42nd Street to the Battery. East Side defined as east of 6th Avenue, between E. 96th and E 42nd Street. West Side defined as west of 6th Avenue, between W. 116th and W. 34th Street.

Lower Manhattan Real Estate Market Overview| Q2 2016 13 EMPLOYMENT & OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

MAJOR PROJECTS UPDATE - Q2 2016

Momentum continues at the and elsewhere Servcorp, Beijing Vantone China Center and Mic. In the second throughout Lower Manhattan. In the second quarter, over 100,000 quarter, financial services firm Ameriprise Financial inked a square feet of office leases were signed in 4 and One World Trade 37,000-square-foot lease on the 78th floor. The Center. The opening of the Dey Street connector provided the final link and Port Authority also announced plans to expand its pre-built and in a seamless underground pedestrian walkway from Fulton Center built-to-suit program to another three floors, growing to a total of nine floors. to the World Trade Center Transportation Hub, 4 World Trade Center, One World Trade Center and Brookfield Place. In mid-August, Westfield The 2.5 million-square-foot office tower topped out at 80 floors in June World Trade Center will debut its retail offerings at over 120 stores 2016 and is scheduled to be completed in 2018. At the end of the and restaurants. The Performing Arts Center at the World Trade Center fourth quarter of 2015, anchor tenant GroupM Worldwide finalized an received a $75 million gift from philanthropist Ronald Perelman, a expansion, adding 170,000 square feet to the existing 520,000 square major milestone for the project. On the east side of the district, the feet signed in 2014, bringing the tower to 28 percent leased. City Council approved a Water Street zoning text amendment allowing Worth2 World St Trade Center Worth St Worth St for new investment in retail space andHarrison improved St pedestrian plazas to After over a year of negotiation between Silverstein Properties and enhance the office corridor’s appeal and vitality. Lastly, open space

Church St Church Thomas St 21st Century Fox and News Corp to anchor 1.3 millionSt Lafayette square feet, continues to flourish with major openings Jayat TheSt Battery, Governors

the deal was called off in early 2016. Silverstein has postponed Centre St Centre Island and . St Staple Pearl St Park Row Duane St work on the towerPl Trimble until an anchor Duanetenant St agrees to lease a Hudson St World Trade Center (WTC) substantial portion of the space.

St James Pl Pearl St 4 World Trade Center The World Trade Center Transportation Hub Elk St Reade St Cardinal Hayes Pl The 72-story, 2.3 million-square-foot office tower was completed in The 800,000-square-foot World Trade Center Transportation Hub

November 2013. The building is over 70% leased to MediaMath, officially opened in early March 2016, providing undergroundElk St access Madison St Chambers St Chambers St PadillaCRT, SNY (SportsNet New York), Silver Suites, IEX, Morningstar, to One World Trade Center, 4 World Trade Center, Brookfield Place and the Port Authority and the City of New York. In the second quarter, the PATH trains. Additional underground access became available to

Broadway West St West Warren St fintech firm HudsonWarren River St TradingWarren leased St 69,000 square feet on the 57th Church and Vesey Streets (base of future Tower 2) and to Fulton Center Centre St and 58th floors, including the 5,000-square-foot outdoor terrace.

via the Dey Street Connector in June 2016. Underground connection to St Pearl

West Broadway West West St West St Church River Te River One World Trade Center the E train stationMurray from St the World Trade Center is anticipated to open at

The 104-story,Av End North 3.1 million-square-foot office tower opened on the end of 2016. The temporary PATH station is now closed and will be Greenwich St Greenwich Frankfort St November 3rd, 2014. One World Trade Center is nearly 70 percent deconstructed inPark late Pl summer. Westfield’s 365,000-square-foot retail Murray St leased; tenants include Condé Nast, High 5 Games, Moody’s, xAd, complex will open on August 16th, 2016. St Rose

LOWER MANHATTAN’S CONNECTIVITY TO TRANSIT MAP Spruce St Source: Downtown Alliance Dover St Beekman St

Park Row West St West

Gold St

Vesey St Broadway Vesey St Nassau St Ann St

Church St Church Peck Sl

2 WTC Pearl St 300 1 WTC Water St VESEY 200 VESEY Fulton St Beekman St 250 VESEY William St WEST CONCOURSE Westfield WTC Fulton St

North End Av End North FULTON World Brookfield WTC TRANSPORTATION HUB Front St Financial CENTER Center Place DEY ST. CONNECTION

Ferry Terminal Ryders Al WTC PATH TERMINAL

Cliff St John St 225 LIBERTY 3 WTC 9/11 Memorial * Cortlandt St John St North & Museum Pearl St Cove

Gold St Pier 17 Maiden La (Under Construction) 4 WTC Platt St South St

Liberty St Liberty St

Liberty Park Pier 16 From Brookfield Place Fletcher St Maiden La & the Hudson RiverNassau St to the Seaport 200 LIBERTY Lower Manhattan’s unparalleled connection to Cedar St Pier 15 transit, featuring the newly opened:

-Dey Street Connection & Pine St West St West *Cortlandt Street 1 Train Station -WTC Transportation HUB Front St Currently Closed and Under Construction Wall St

Rector St Wall St Rector Pl

Lower Manhattan Real Estate Market Overview| Q2 2016 Rector Pl Exchange Pl 14

Trinity Pl Trinity Exchange Al

Water St Gouverneur La Washington St Washington

William St Edgar St Beaver St Pier 11/Wall St

J.P. Ward St E 90th St / Brooklyn Army Terminal / Yankee Stadium (Seasonal) Greenwich St Greenwich FranklinNew D. YorkRoosevelt Water Drive Taxi South End Av End South West Thames St Broad St - Ferries to JC and Hoboken / E 34th St / Highlands NJ /

Front St

Broadway Mill Ln New St New 100 Old Slip Police Museum Morris St 3 Pl

Stone St Morris St Beaver St Pearl St

S William St Marketfield St South Cove 2 Pl

South St

South End Ave End South

Washington St Washington West St West

Greenwich St Greenwich Stone St

1 Pl St West Little Water St

Battery Pl Whitehall St Pearl St Pier 6 - Wall Street Heliport Moore St Broad St ² Bridge St Battery Pl State St

Pearl St Whitehall St

State St South St

Government, Institutional and Religious Buildings 4

3 Transportation Statue Of Liberty & 2 Ellis Island Ferries

1 Clipper City Ship Public Open Space FOR INTERNAL USE ONLY Downtown Alliance Boundary Office Buildings

Residential KEY: Hotels

Hotel/Residential

Under Construction

ALLIANCE FOR DOWNTOWN NEW YORK, INC Map of Lower Manhattan October 2015 EMPLOYMENT & OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

Vehicle Security Center Infrastructure & Resiliency The Vehicle Security Center (VSC) is the World Trade Center’s main Federal, State & City Investment entry point for automobiles, trucks and buses. Operated by the Port Authority, the VSC will provide deliveries, tenant and bus parking for This past spring, the de Blasio administration announced that $100 those with affiliations with the World Trade Center and is scheduled million in City capital funds would be3 allocated World to coastalTrade resiliency to be fully operational in early 2017. in Lower Manhattan as part of a larger resiliency project funded by the U.S. Department of Housing andCenter Urban Development’s National Performing Arts Center at the World Trade Center (PAC WTC) Disaster Resilience Competition. TheWith money financing will help build in a network The Performing Arts Center at the World Trade Center is in the of flood walls, berms and deployableplace, flood the barriers building to protect the design phase. There will be three theaters of varying sizes, with the tip of Manhattan from flooding. The project will extend from the potential to be combined to create one theater accommodating is scheduled to be Lower East Side, around the tip of the island, all the way to Battery 1,200 people; the TriBeCa Film Festival will also call PAC WTC completed in 2018. Park City. Separately, the City set aside nearly $15 million, including home upon its completion. $6.75 million from the City and State,GroupM for preliminary signed design a and This quarter, philanthropist Ronald Perelman announced he was environmental review and another $8lease million for for 515,000 first-phase flood donating $75 million to the project. With Perelman’s donation, protection design and implementationsquare in Battery feet Park. in the The 2.5City’s the project makes a significant stride towards its estimated $240 Economic Development Corporationmillion-square-foot plans to begin design work for the million cost. The Lower Manhattan Development Corporation Lower Manhattan coastal resiliencyoffice initiative tower. later this year. (LMDC) committed $100 million in federal funds awarded after station September 11th for the project’s design, construction and The main entrance to the South Ferry station has been closed for administrative costs. The site for the PAC WTC is currently occupied several months as Sandy-damaged equipment is replaced and flood by the temporary PATH entrance at Greenwich Street and West mitigation measures are put into place. During construction, the Broadway, which closed this summer when the World Trade Center old South Ferry station will remain operational and accessible from Transportation Hub opened with additional entry points. The alternative entrances. The construction is part of a $194 million project’s completion is anticipated in 2020. contract to rebuild the South Ferry subway station that was damaged Water Street Rezoning in Hurricane Sandy. The station will get permanent flood protection In June, the City Council took a major step toward realizing the measures and become wheelchair accessible and will allow entry and Downtown Alliance’s vision for a vibrant, pedestrian-friendly Water exit for all ten cars along the No. 1 line. Completion is expected in fall Street when it approved the Water Street text amendment. This 2016. innovative zoning proposal was a collaborative effort between the Broadway Reconstruction Downtown Alliance, the New York City Department of City Planning The Department of Design and Construction’s (DDC) $42 million and the New York City Economic Development Corporation. The new capital reconstruction project on Broadway, referred to as Broadway 1, zoning incentivizes Water Street property owners to make significant stretching from Ann Street to Rector Street began in 2014. This project upgrades to nearly a quarter million square feet of privately-owned will replace all underground infrastructure, including water mains, public plazas along the street, while allowing for the conversion of sewers, electric, gas and other utilities, as well as construct new underused pedestrian arcades into nearly 110,000 square feet of new streets and curbs. Crews will focus on two blocks at a time, moving retail space. northward on the west side, then southward on the east side. The full project is scheduled to be finished in late fall 2016.

Water Street Rezoning Map Arcade

Plaza

Building Ground Floor

Water Street Subdistrict Seaport

Pier 17 Pier 15 Whitehall BMB Pier 11

Lower Manhattan Real Estate Market Overview| Q2 2016 15

EMPLOYMENT & OFFICE RETAIL TOURISM & HOSPITALITY RESIDENTIAL MAJOR PROJECTS UPDATE

Lower Manhattan’s open space comes alive

Over the past few years, several acres of parkland in Lower Seaport District Manhattan have been created or reimagined. The neighborhood The Howard Hughes Corporation continues with its reimagining of the features over 90 acres of open space, playgrounds, plazas and sports Seaport District. By 2017, the development plan will integrate the site fields. During the summer months of 2016, several open spaces into the East River waterfront and connect to the street grid. Pier 17 became newly available to the public. In the next couple years, was topped out in early April and is expected to open in summer 2017, additional open space will be unveiled in the Seaport District and at highlighted with a 1.5-acre multipurpose rooftop for concerts, films and Elizabeth Berger Plaza. special events. Additional components of the Seaport redevelopment plan Liberty Park include space for the Seaport museum, a reconstructed Tin The 1.5-acre elevated park, located on the roof of the World Trade Building (relocated away from the FDR and out of the floodplain), lighting Center Vehicle Security Center (VSC), opened in late June 2016. The and pavilions under the FDR and an extension of Fulton and Beekman Port Authority also announced the return of Fritz Koenig’s “Sphere Streets onto Pier 17. When completed in summer 2017, the new pier and for Plaza Fountain” to the World Trade Center site, to be set at Liberty revitalized historic area will provide 365,000 square feet of retail, dining Park. The Liberty Street Bridge, also opening at the same time on and entertainment. the west side of the park, can now connect pedestrians to Brookfield Place in . The eastern side of the new park will feature the new $35 million, Santiago Calatrava-designed St. Nicholas Greek Orthodox Church. The church broke ground in late 2014 and is expected to be completed in 2017. The Battery The Battery Conservancy unveiled The Battery Oval, a two-acre lawn, to the public in late June 2016 by debuting 300 moveable Battery Chairs. Plans are now being finalized for an expanded 1.4-acre playground Liberty Park that will feature climbing nets, a slide mountain and kid-oriented performance spaces. Design and construction on the new playground is expected to be complete in late 2019/ early 2020 and will be funded with $8 million through the Parks Department, $6 million through the Lower Manhattan Development Corporation and $2 million from donors of The Battery Conservancy. The Hills, a $71 million public-private project, opened on Governors Island in July 2016. The four man-made hills range in height from 25 to 70 feet and include slides, art installations and never-before- seen views of New York Harbor. The Hills are the newest feature at Governors Island, where 30 acres of additional park space were previously unveiled in 2014. The park is now accessible seven days a The Battery Oval week, tripling public access from 40 days to 120 days. The next goal Courtesy of The Battery Conservancy for Governors Island is to become a 365-day destination by activating historic buildings and another 30 acres of land for commercial purposes. Elizabeth H. Berger Plaza Located between Trinity Place and Greenwich Street at the exit of the Brooklyn-Battery Tunnel, Elizabeth H. Berger Plaza will be created by joining two disconnected plazas into one. The new plaza will have a cohesive design with increased pedestrian safety, plush landscaping and space for public programming. The project is going through approval processes and is scheduled to be completed in 2018. The Hills at Governors Island Photo by Timothy Schenck, courtesy of The Trust for Governors Island

Lower Manhattan Real Estate Market Overview| Q2 2016 16 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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