Posts Tagged ‘Real Estate Board of New York’
Report from the Real Estate Board of New York Points toward Retail Revival near World Trade Center
The Real Estate Board of New York, which Connie Milstein serves as a member of the Board of Governors, recently released some exciting news coinciding with the continued construction of 1 World Trade Center in Lower Manhattan. Since the spring of 2010, average asking rents in the financial district area along Broadway from Battery Park to Chambers Street have risen 36 percent. The report notes that much of this gain took place since last fall.
With more businesses opening in this area than in any other Manhattan neighborhood during that period, signs point to a commercial revival in Lower Manhattan. Executive Vice President of the Lansco Corporation, Robin Adams, believes that many retailers were waiting to see what would happen with the World Trade Center development.
Michael Slattery, a senior vice president of the Real Estate Board, agrees with Adams. He was quoted in a New York Times article saying, “Until there was a glimmer that the rebuilding was well on its way, retailers didn’t want to risk it. You wanted to get in early, but you didn’t want to get in too early, because you wouldn’t be able to sustain yourself without significant foot traffic or activity.”
But with the completion of 7 World Trade Center and the new Goldman Sachs headquarters, in addition to the recent Condé Nast decision to inhabit part of 1 World Trade Center, the area will continue to see more office workers eating and shopping in the area, as well as sticking around after hours. It is only reasonable to expect to see rent prices continue to rise and more retail shops to open their doors, a great sign for the revitalization of the Lower Manhattan area.