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Home , Ann Street (Manhattan), Astor Place, Citi Bike, Fulton Center, Select Bus Service, South Ferry (Manhattan)

ALLIANCE FOR DOWNTOWN THE GOLDEN AGE OF TRANSIT IN LOWER

One hundred and ten years ago, the first underground line of the Subway opened on October 27, 1904. In 1910, the great lost public temple of Pennsylvania Station was erected. In 1913, Grand Central Station took its iconic place in New Yorkers’ lives and imaginations. Writing for in 2012, Michael Kimmelman noted: “to pass through Grand Central Terminal, one of New York’s exalted public spaces, is an ennobling experience, a gift.” The opening of the heralds another great development in our transportation history. This new station will soon become a significant hub in its own right. It will radically reinvent and uplift the commuting experience for more than 300,000 daily transit riders in . The station house, with a soaring light-filled interior and 66,000 square feet of retail and office space, reaches down into the Manhattan schist and rationalizes the intersection of the 4/5, 2/3, A/C, J/Z and R lines. This hub is solving problems left over from a century ago when the IRT, BMT, and IND companies competed and didn’t connect. Fulton Center serves as a marquee among the $6.4 billion of post-9/11 investments in enhanced transit and transportation infrastructure in Lower Manhattan. The coming months will usher in a new golden age of transit in New York, one concentrated in Lower Manhattan. The scope of the investment---- and the dramatic transformation it has made for those who take the subway, PATH, , bus or to the one square mile below Chambers Street in Lower Manhattan----is of a scale not seen in New York since those halcyon days of public transit investment in the early 20th century. Just a block away from Fulton Center, and connected by a new underground walkway, the Santiago Calatrava- designed World Trade Center Transportation Hub will be making a game-changing statement as well in late 2015. The dramatic winged complex will connect the interstate PATH train and 9 NYC subway lines. Surrounding the hub will be 350,000 square feet of magnetic retail and dining experiences. Additionally, the WTC station will be linked with ’s Brookfield Place to the west by an underground concourse, which opened a year ago. This will, for the first time, make for a seamless East West connection across most of Lower Manhattan. These two projects are the most visible investments remaking the transportation landscape of Lower Manhattan. They do come with a steep price tag, but their benefits are real and will be measured over generations. Investments in public transportation on this scale confer lasting dignity and elevate the daily commuting experience of millions and, just as importantly, they provide lifeblood for the economy of the area, city and the region.

1 ALLIANCE FOR DOWNTOWN NEW YORK $ 6.4 BILLION IN TRANSIT INVESTMENTS

READE ST REET

WASHINGTON

MARKET G REN W CSTRH EI T H C C I V I C PARK C E N T E R Projects since 2005 Cost Completion Pedestrian Bridge LRAEP TEERTS CH AMB ERS S T REET URCH STREE T WEST

ROCKEFELLER P A R R O W PARK WARREN S T REET

T R O N R E V I R

Staten Island Ferry H E N T R I B E C A MADISON STREET $130 M 2005 D AVENU E CITY B R O O K L Y N B R I D G E Terminal FRANKFORT STREET MURRAY HALL E C A R R E T W ANSH GI TO N PARK

W T C P A R K R O W PARK PLACE New MTA S P R U C E S T R E E T D O V E R S T R E E T

MURRA Y ST REET E D A N A L P S E West Street Transportation Station BARCLAY STREET Dey Street Fulton B E E K M A N S T R E E T Concourse Hub World Financial Center Entrance P E C K S L I P $69.1 M 2008 Concourse Center Ferry Terminal World Financial V ESEY ST REET A N N S T R E E T

W A T E R 2 W T C Center 1 W T C FULT ON FRONT STREET Ferry Terminal F U L T O N B E E K M A N TRANSPORTATION GOLD STREET H U B D E Y DUTC H W STRE ST M U S E U M J O H N S T R E E T BROOKFIELD 3 W T C CLIFF * $530 M 2009 P L A C E S O U T H S T R E E T Pier 17 Subway Station C O R T L A N D T MAILLIW S E A P O R T M A ID E N L A N E 4 W T C P L A T T S T R E E T N O R T H WA Y C O V E PEARL STREET J O H N S T R E E T

LIB ERTY ST REET E C A L P Y T I N I R T

T E E R T S N O T G N I H S WA T E E R T S H C WI N E E R G Pier 15 Pedestrian Bridge New MTA /Select F L E T C H E R S T R E E T C E D A R CEDA R ST REET BRO AD M15/ $17.5 M 2010 M A I D E N L A N E OHS UT E N D Station C E DBus A R S T R E E T Service THA MES West Street U ASSAN B AT T E R Y ALBAN Y ST REET Entrance P I N E S T R E E T PA R K P I N E Pier 11 C I TBike Y Lane CARLISLE ST REET

AVENU E Ferry Terminal ALBANY STREET W A L L S T R E E T Improvements E SP LA N A D E Pier 11 Ferry Pedestrian Bridge $3 M 2011 RECTOR STREET H A N O V E R

FRON T STREET Terminal WATER STREET T E E R T S T S W E EXCHANGE W LI LA I M RECTOR PLACE G O U V E R N E U R Route 9A B R O A SDT R E T F D R D R I V E

T E E R T S W E N

W EST TH AMES ST REET WA Y West Steet Pier 11 B O L D S L I P ATT ERY PLAC E Esplanade O L D S L I P

THIRD PLACE STONE MORRIS Bike Path BRO AD H U D S O N C O E N T IE S S L IP PEARL STREET S O U T H SOUTH WILLIAM Fulton Center $1.4 B 2014 H C WI N E E R G BEAVER STREET R I V E R C O V E SECOND PLACE NO T G N I H S WA

MARKETFIELD W H IT E H A L L

STONE VIETNAM FIRST PLACE VETERANS S T A T SE T R E E T MEMORI AL BRIDGE PLAZA E A S T PEARL R I V E R World Trade Center ROBERT F. E S P L A N A D E $3.94 B 2015 WAGNER, JR. BATTERY PLACE Transportation Hub PARK

P A R K Ferry Terminal Pier A STATE BATTERY Citi Bike Station PARK Route 9A Ferry $285 M 2016 Bike Path Improvements G O V E R N O R S I S L A N D E L L I S I S L A N D South Ferry

S T A T U E Subway Total $6.4 Billion O F L I B E R T Y Station *Opened in 2009, the MTA invested $530 million to lengthen tracks and improve capacity. The station is closed currently while the MTA rebuilds the station due to the effects of and to improve future storm resiliency. 2 ALLIANCE FOR DOWNTOWN NEW YORK

Lower Manhattan’s Rich Transit Selection of Lower Manhattan Transit Improvements Since 2005 Infrastructure

LOWER MANHATTAN’S TRANSIT NETWORK SERVES

127 MILLION Annual Riders

12 30 6 Subway Lines Bus Routes & Ferry Stops 1 SBS Route & 20 Routes*

2 7 28 PATH routes Downtown CitiBike to NJ Connection Stations Buses *Includes seasonal ferry routes

3 ALLIANCE FOR DOWNTOWN NEW YORK

ACCOMODATING A HUGE AND GROWING LABOR FORCE WITH A ONE-SEAT RIDE Area with One-Seat Ride to These transportation Lower Manhattan The importance of these transit investments is enhancements directly benefit a clear, especially in light of the more than 3.6 million potential workers who can reach Lower Manhattan via growing labor force of more than a one-seat ride. These investments also serve an area that has seen robust growth in the labor force. Between 2006 and 2013, the period roughly concurrent with the 3.6 Million construction of the Fulton Center, the labor force with potential workers directly direct transit access to Lower Manhattan grew by 314,000, or 9.5%. That’s nearly 2.5 times the growth connected to Lower Manhattan rate elsewhere in the New York City Metro Region. by a one-seat ride That represents 50% of the labor force’s growth in the NYC Metro Region. (See table on page 5) Currently, there are 350,000 daily riders and 127 million annual riders coming from fast-growing w York information worker-saturated neighborhoods like Ne Newport/Grove Street in Jersey City, Greenpoint/ New York Williamsburg and Dumbo/Boerum Hill/ Heights. The labor force in each of these neighborhoods grew by more than 20% since 2006. ecticu Conn t This network also connects job seekers in areas like Brownsville, Bushwick and Bedford-Stuyvesant in Brooklyn and Fordham and Parkchester in ew Jersey directly to Lower Manhattan. Lower Manhattan is a N ong Island growing, major employment center for jobs across L all industries and functions, including the office, residential, retail and hospitality sectors.

30 County NYC Metro Region

4 ALLIANCE FOR DOWNTOWN NEW YORK

Percent Absolute 2006 2013 Growth Growth Geography Labor Force Labor Force (2006- (2006- 2013) 2013)

One-Seat 3.3 Million 3.6 Million 9.5% 314,000 Ride Area

NYC Metro Region excluding 8.0 Million 8.4 Million 3.8% 310,000 One-Seat Ride Area

Total NYC 11.4 Million 12.0 Million 5.5% 624,000

Metro Region N

Y T 50% A C H E E M R

R A E T E E Neighborhoods with More than 20% Labor Force Growth, 2006-2013 R S T ID O O R R F T EG EA Williamsburg/Greenpoint Newport/Grove Street - Jersey City Boerum Hill/Brooklyn Heights ION ONE-S

of the New York City Metro Region’s Labor Force Growth Pier 11 - 10 Min WTC- 8 Min Fulton Center - 6 Min

Source of Labor Force data: 2006 and 2013 American Community Survey 1-year Estimates. One-seat ride area includes all PUMAs (Public Use Microdata Areas) that have a one-seat ride connection by ferry, PATH, subway or bus to Lower Manhattan, excluding Red Bank/Holmdel NJ which has a ferry connection to Lower Manhattan but data was not available. NYC Metro Region includes the 30 counties included in the New York-Newark-Bridgeport,NY-NJ- CT-PA Combined Statistical Area (CSA), defined by the Census Bureau in the Office of Management and Budget as the “region”, excluding Pike County, where data was not available from the American Community Survey.

5 ALLIANCE FOR DOWNTOWN NEW YORK

ACCESSIBLE TO OFFICE CENTERS THROUGHOUT NEW YORK CITY Lower Manhattan enjoys unsurpassed accessibility. The area connects directly and easily to other NYC office centers, including the following 12 key office destinations that can be reached in less than 20 minutes from Fulton Center. Ten of those are accessible to Lower Manhattan by a one-seat ride.

Trip Time Origin Destination Route (minutes)

Metrotech Center 6 minutes A/C to Jay Street/Metrotech (Brooklyn) 111 Eighth Avenue 8 minutes A/C to (Chelsea) 51 10 minutes R to 8th Street/NYU (/NoHo) One Vanderbilt Place * 10 minutes 4/5 to Grand Central (Grand Central) 15 Penn Plaza * 10 minutes 2/3 to Penn Station (Penn Station) 330 Hudson Street 11 minutes C to Spring Street Fulton Center (Hudson Square/) 11 11 minutes R to Union Square (Madison Park/Union Square) 11 12 minutes 2/3 to /Times Square Station (Times Square) 10 Hudson Yards *2 to Times Square, Transfer to 7 train to and 11th 16 minutes (Hudson Yards) Avenue 425 * 17 minutes 4,5 to (Park Avenue) 60 17 minutes A to 59th Street/Columbus Circle (Lincoln Center) 20 minutes 4/5 to Grand Central,Transfer to 6 train to

Source of Travel times: MTA.info, Assumptions: Route with shortest travel time to arrive by 11 am was selected, 7 train operational with 4 minute run time from Times Square to Hudson Yards and no transfer time is included. *Proposed/Planned 6 ALLIANCE FOR DOWNTOWN NEW YORK

MULTIMODAL NIRVANA The transit enhancements remaking Lower Manhattan are not just rail. Significant investments have been made to also improve the pedestrian, biking, and waterway networks in Lower Manhattan: • WalkNYC, a pedestrian wayfinding project by the New York City Department of Transportation, is being implemented in Lower Manhattan. • Beyond improvements to ferry terminals, there are now additional routes----these include the East River Ferry to Brooklyn and , as well as a ferry to Pier 84 in Midtown West. • The reconstruction of from Church to South Streets concluded in 2014. • Other biking improvements in the area include the construction of a bikeway along the East River from the to Maritime Building as part of the East River Waterfront Esplanade. Portions will connect north to Montgomery Street on the Lower and around the southern tip of Lower Manhattan to Battery Park, connecting to the bikeway along the . • Improved pedestrian crossings on West Street, including a new at-grade crossing at and an underground connection through the World Trade Center West Concourse, make it safer and easier to connect to and from Battery Park City.

AND MORE MAJOR PROJECTS TO COME Future major projects still planned to elevate Lower Manhattan’s network include at least $1.8 billion in investments. These include: • These include the extension of PATH service to Newark Liberty International Airport, which was approved for $1.5 Billion in February 2014 as part of the Port Authority of New York and New Jersey’s capital plan; • Implementation of storm proofing for Lower Manhattan subway stations, with a primary focus on the Rector N,R, and 1 stations, J station, and the Whitehall N,R stations. $301 million allocated from federal funding; • A future, permanent $30 million West Thames Street pedestrian bridge to cross over West Street that is currently planned.

Visit WWW.DOWNTOWNNY.COM/RESEARCH for additional publications on the Lower Manhattan real estate market and economy. If you have questions or require additional information, please contact [email protected]. 7