Community District
Find the planning projects in your community district.
All Projects
- 125th Street Corridor
- 2nd Avenue Subway
- 421-a tax incentive program
- 980 Madison Tower
- Access to the Region's Core (ARC)
- Albee Square Mall Tower
- Atlantic Yards
- Bayside Rezoning
- Bayswater/Far Rockaway Rezoning
- Bedford Stuyvesant Rezoning
- Briarwood Rezoning
- Bricktown Centre
- Brig Redevelopment, Wallabout Brooklyn
- Brooklyn Academy of Music Cultural District
- Brooklyn Greenway
- Brooklyn Navy Yard
- Bush Terminal Park
- Clinton Hill/Ft. Greene Rezoning
- College Point Police Academy
- Columbia University Expansion
- Columbus Circle
- Con Ed Site Redevelopment
- Coney Island Development
- Cooper Square Urban Renewal Area
- Cross Harbor Freight Tunnel
- Domino Sugar Factory
- Downtown Brooklyn
- Downtown JFK-LIRR Link
- DUMBO Rezoning
- Dyker Heights/Fort Hamilton Rezoning
- East River Plaza
- East River Science Park
- East River Waterfront
- East Side Access
- Far Rockaway and Mott Creek Rezoning
- Far West Village Rezoning
- Federal Housing Policy
- Fieldston Landmark Designation
- Flushing Development
- Fordham Expansion
- Forest Hills Rezoning
- Fresh Kills Master Plan
- Fulton Street Transit Center
- Gansevoort Marine Transfer Station
- Garment District Rezoning
- Gateway Center at Bronx Terminal Market
- General Theological Seminary Tower (Chelsea)
- Governors Island
- Gowanus Development
- Greenpoint-Williamsburg Rezoning
- High Line Redevelopment + Whitney Museum
- HUB Retail and Office Center
- Hudson Railyards
- Hudson River Park
- Hudson Yards Rezoning & Development
- Hunter College Health-Professions Tower
- Hunts Point Vision Plan
- Inwood/Sherman Creek Waterfront Rezoning
- Jamaica, Queens Development and Rezoning
- Javits Convention Center Expansion
- JetBlue JFK Terminal
- Kingsbridge Armory
- Kissena Park Rezoning
- Lincoln Center Redevelopment
- Long Island City
- Lower East Side Rezoning
- Lower Manhattan Development
- Maspeth - Woodside Rezoning
- Mets Stadium Construction
- Middle Village-Glendale Rezoning
- Midwood Rezoning
- Mott Haven School Campus
- Moynihan Station
- Museum for African Art
- New Madison Square Garden
- New Rego Park, Queens Mall
- New York City Building Code
- New York City Hospital Redevelopment
- New York Diamond Tower
- New York Historical Society Tower
- No. 7 Line Extension
- North Brother Island
- North Tribeca Rezoning
- NYC 2012 Olympic Bid
- NYU Development
- One Madison Ave Clocktower
- P.S. 64 Redevelopment
- PlaNYC 2030
- Plaza Hotel Redevelopment
- Policy Developments - Landmarks
- Public Place
- Queens Botanical Garden
- Queens Plaza
- Queens West
- Randalls Island Water Park and Playing Fields
- Red Hook Cruise Terminal
- Red Hook Development
- Renaissance Ballroom and Renaissance Casino
- Seventh Regiment Armory (Park Ave.)
- Silvercup West
- SoHo Sanitation Garage
- Solid Waste Management Plan
- South Bronx Jail Plan
- South Ferry Terminal Project
- South Street Seaport Redevelopment
- South Village Historic District
- Springfield Gardens Rezoning
- St. Vincent’s Expansion
- Stapleton Waterfront District
- Starrett City
- Staten Island NASCAR Track
- Staten Island North Shore Light Rail
- Stuyvesant Town and Peter Cooper Village
- Sunnyside Yards Platform
- The Caledonia (Chelsea)
- Trump Soho Hotel Condominiums
- Union Square Redesign
- Union-Utopia Rezoning
- United Nations Renovation
- Upper West Side Rezoning Proposal
- Uptown New York (East Harlem)
- Van Cortlandt Park Filtration Plant
- Via Verde - New Housing New York Legacy Project
- Washington Square Park Redesign
- West-Park Presbyterian Church Tower
- White Plains Courtyard
- Whitestone Rezoning
- Willets Point Development
- World Trade Center Redevelopment
- Yankee Stadium Construction
QUICK LINKS
Lower Manhattan Development
Post September 11, 2001 residential development has grown in the Lower Manhattan area. Many attribute this growth to an array of city, state, and federal policies intended to spur development in the aftermath of the 9/11 attacks. In addition to massive rebuilding efforts at Ground Zero, residential and commercial development is evident across the downtown area. The Alliance for Downtown New York reports that the inventory of hotel rooms in Lower Manhattan will double by the end of 2007. In the wake of steady growth in both the downtown residential and office markets, leaders have begun to question the necessity of using tax-incentives to entice major commercial institutions to build in the area.
Beekman to be Tallest Residential Structure in NYC
Sunday, June 01, 2008 | World Architecture News | Topic: Housing
Developer Forest City Ratner and famed architect Frank Gehry released design plans for the Beekman development planned for Lower Manhattan. At 76 stories, the 1.1 million square foot structure will be the tallest residential building in New York City and will also include services such as a public school and an ambulatory care center for the New York Downtown Hospital. The plans also showcase two public plazas designed by Field Operations and Piet Oudolf. The Beekman is currently under construction and slated for completion in 2010.
Possible Construction Delays at City College Building in Lower Manhattan
Sunday, June 01, 2008 | New York Times | Topic: Finance
Construction at City College’s Fitterman Hall, located in lower Manhattan near the World Trade Center site, may be delayed due to disagreements over City funding. School officials say that the City has committed only $20 million to construction, while the Bloomberg administration says the figure is $80 million. The Dormitory Authority is unable to issue a construction contract until the discrepancy in financing is resolved. The building, which was damaged by the attacks on September 11, must be decontaminated, dismantled and then rebuilt. Decontamination and demolition work is currently underway now and is being paid for by insurance money, but construction on the new building will not be able to begin without a Dormitory Authority contract. School officials are concerned about the delays, as enrollment at the community college continues to grow.
Budget Shortfall for Lower Manhattan Agency
Thursday, May 29, 2008 | New York Sun | Topic: General
The Lower Manhattan Construction Command Center (LMCCC), responsible for coordinating development and providing construction oversight of the World Trade Center site and surrounding projects, is facing a $9 million shortfall in its budget because it has not received necessary financing from the state, the Metropolitan Transportation Authority (MTA) and the Port Authority. The city has already contributed. Avi Schick, President of the Lower Manhattan Development Corporation, expects the MTA and the Port Authority to contribute soon.
Could ESDC President's Resignation Affect Redevelopment?
Tuesday, May 27, 2008 | New York Post | Topic: Politics & Government
Avi Schick, president of the Empire State Development Corporation (ESDC) announced to the New York Times that he will resign in September. As chairman of the Lower Manhattan Development Corporation, Schick has been a key player in the redevelopment of Lower Manhattan and in particular, the World Trade Center site. Some believe that Schick’s heavy involvement in this neighborhood has been detrimental to the progress of Ground Zero. Schick, a trained lawyer, may work in the private sector once he leaves the ESDC.
Deutsche Bank Demolition Progresses Slowly
Monday, May 19, 2008 | New York Post | Topic: General
An editorial in the New York Post laments the slow pace at which progress is being made at the Deutsche Bank building in lower Manhattan. The article notes that since the tragic fire at the site last year, there appears to be no progress in the demolition of the “allegedly highly toxic” building. According to a representative at the Lower Manhattan Development Corporation, clean-up of the site will be complete by the end of the year, at which point demolition can begin. The editorial ends with a plea to Mayor Bloomberg to push the project along.
Work Halted at Goldman Sachs Building in Lower Manhattan
Sunday, May 18, 2008 | NY1 | Topic: General
Construction was stopped at the site of the new Goldman Sachs building in lower Manhattan on Saturday after an 18 inch piece of steel fell onto a nearby ballfield where children were playing. No one was injured. This is the second serious construction accident that has occurred on the site in the past six months.
Clean-up Resumes at Former Deutsche Bank Building
Wednesday, April 30, 2008 | NY1 | Topic: General
The Department of Buildings has removed a “stop-work order” on the former Deutsche Bank building in Lower Manhattan because a new fire control system has been installed. Asbestos clearance will resume and will take place six-days a week. Once all the hazardous materials have been removed, demolition work will be resumed.
Luxury Retail and Residential Developments Flock to Lower Manhattan
Tuesday, April 22, 2008 | Conde Nast Portfolio Magazine | Topic: Economic Development
The number of high-end retail stores and condominium buildings is increasing rapidly in Lower Manhattan. These developments are opening amidst the current credit crisis that has caused many lay-offs and is expected to diminish year-end bonuses for financial executives. However, business is still prosperous for these stores as a result of the diversifying industry and increase in residents in Lower Manhattan.
With Beekman Building Delay in Lower Manhattan, Comes Delay in School Opening
Friday, April 04, 2008 | Downtown Express | Topic: General
Forrest City Ratner is developing a mixed-use tower on Beekman Street in Lower Manhattan that will house a school on the first five levels. The building, designed by Frank Gehry, was scheduled to be ready for the 2009 school year, however, construction costs and economic troubles have delayed the opening till at least 2010. Ratner recently received $680 million in financing for the building, relieving some fears that the building would never get built. The tower is expected to be residential apartments, medical space, educational space, retail and below ground parking. Some have said that the complicated design is another reason for the delay.
Forest City Secures $680 Million in Financing for Lower Manhattan
Friday, March 28, 2008 | Busniess Wire | Topic: Finance
Forest City Enterprises announced that they have secured $680 million in financing for their planned Beekman tower in lower Manhattan. The financing will come in the form of bonds, $200 million of which will come from the New York Liberty Bond Program, issued by the New York City Housing Development Corporation and backed by a Mezzanine Loan provided by the National Electrical Benefit Fund. The Beekman tower will be designed by Frank Gehry and is planned to be 76 stories and will include ground floor retail, below ground parking, an ambulatory care center, an elementary school, and about 900 market-rate housing units.
Future Plans for JPMorgan Downtown Uncertain
Thursday, March 20, 2008 | WNYC | Topic: General
At a press conference yesterday, New York City Mayor Michael Bloomberg expressed uncertainty about whether JPMorgan would retain their lease on the Deutsche Bank building at the World Trade Center site. JPMorgan would not say whether or not they would keep the property, which they acknowledged was a valuable property, but said that they would move employees to midtown to the former Bear Stearns building.
EPA Approved Decontamination Plans for Fiterman Hall
Friday, March 14, 2008 | New York Times | Topic: Environment
The federal Environmental Projection Agency recently approved Fiterman hall’s $16.3 million dollar decontamination plan. Fiterman Hall located at 30 West Broadway experienced building and fire damage due to the collapse of the 7 World Trade Tower on September 11th. The decontamination and deconstruction of Fiterman Hall is expected to be completed within a year.
Ideas Considered for Lower Manhattan Heliport
Friday, March 07, 2008 | Downtown Express | Topic: General
Lower Manhattan’s only heliport, located on Pier 6, has been handed off from the Port Authority to the city’s Economic Development Corporation (EDC) to run. The EDC has plans for the Pier, including adding a fueling station and some sort of bar or restaurant. A private individual has also suggested creating a ramp into the water, for special tour bus/boat tours and for swimmers and kayakers. Community Board 1 is considering what is best for the Pier and Lower Manhattan.
Grants Offered to Help Small Businesses in Lower Manhattan
Friday, February 29, 2008 | Downtown Express | Topic: General
The Lower Manhattan Development Corporation (LMDC) and the city have created a grant program for small businesses that have lost money from extensive construction projects in Lower Manhattan. The Small Firm Assistance Program could help nearly 200 businesses in the area and will run until its $5 million funding runs out. Eligible businesses are ones located below Canal Street, employ less than 50 workers, have the ability to demonstrate financial distress, and are located at street level. The intent of the program is to help street level retailers who have had their blocks shut down for construction purposes for certain lengths of time.
Community Board 1 Wants Input on Greenwich South Development
Friday, February 22, 2008 | Downtown Express | Topic: Land Use
In 2002, Mayor Bloomberg announced plans to create a new residential neighborhood in Lower Manhattan off of Greenwich Street. Since then, there has been little action on any plans to move forward on Greenwich South which included decking over the Brooklyn Battery Tunnel entrance, expanding a local garage, and selling the air rights over the tunnel. Recently, Community 1 passed a resolution cautioning the city that they should be consulted before any public announcement regarding the air rights is made. Community Board members are concerned with the lack of open space and affordable housing in the area. Additionally, infrastructure and public services would have to be expanded with an influx of new residents. As of now, the city is focused on expanding the Battery Garage which they hope would get idling buses off the streets of Lower Manhattan. The project would also open up some air rights for residential buildings.
Lower Manhattan May be New Home for Newsweek
Monday, February 04, 2008 | New York Observer | Topic: General
The magazine Newsweek is considering moving its operation from Midtown to Downtown Manhattan. There is speculation that the magazine is looking to move to 100 Church Street, although no official papers have been signed yet.
Silverstein Asserts that Financial District is Immune to Possible Financial Market Downturn
Wednesday, January 30, 2008 | Reuters US Edition | Topic: Economic Development
Larry Silverstein, developer of the World Trade Center site, has expressed confidence that the financial district in lower Manhattan will evade any possible downturn in the financial market. He cited the area’s excellent public transportation access, significant investment by non-financial corporations, and commitment from city officials to redeveloping the WTC site and surrounding area as bases for his confidence.
New 80-Story Hotel to Rise in Lower Manhattan
Wednesday, January 30, 2008 | GlobeSt.com | Topic: Economic Development
Silverstein Properties has joined with the Four Seasons Hotels and Resorts to build an 80-story building at 99 Church St. in Lower Manhattan. The building, which will include a hotel and condominiums and is expected to be the largest residential building in New York City when it is completed in 2010. Silverstein purchased the property in 2006 for $170 million, but the development costs for the new builder are unknown. Lower Manhattan currently has fewer hotel rooms than it did before September 11, 2001, and it has less than 4% of all hotel rooms in the borough. A spokesman for the Downtown Alliance said that this move proves that Lower Manhattan is a dynamic place for developers to build because of the many unmet needs.
Wall Street Journal May Leave Lower Manhattan
Monday, January 28, 2008 | New York Observer | Topic: General
Rupert Murdoch, who recently acquired the Wall Street Journal, is reportedly strongly considering moving the Journal’s offices to midtown Manhattan. The Journal has been in the Financial District since it was first published in 1889. The move, which could happen sometime this year, would bring the editorial staff to the News Corp building which some say is already filled to capacity.
Developer Chosen for Pier A in Lower Manhattan
Tuesday, January 22, 2008 | GlobeSt.com | Topic: Waterfront
The Battery Park City Authority (BPCA) was chosen as the developer for Pier A by the city’s Economic Development Corporation. The Pier was originally part of Battery Park City but was removed in order to be developed individually. The Pier has 3 floors of usable space but it remains unclear what will be developed on them. Both Governor Eliot Spitzer and Mayor Bloomberg touted the new development as a step in the right direction for the revitalization of Lower Manhattan.
Major PR Firm to Move to Lower Manhattan
Tuesday, January 15, 2008 | | Topic: Land Use
The public relations firm Daniel J. Edelman Inc. has signed a lease to move its headquarters from 1500 Broadway to 250 Hudson St. in lower Manhattan. The lease will begin next June and the firm will take up 127,000 square-feet of the building.
Merrill Lynch To Stay in World Financial Center
Wednesday, January 09, 2008 | New York Sun | Topic: General
Merrill Lynch may abandon its plan to move its headquarters to midtown Manhattan and sign a five-year renewal lease for its space in the World Financial Center. While the lease has not been signed yet, the CEO of Merrill Lynch said that a renewal lease may be better for the company. The current lease expires in 2013.
Lasting Vibrancy Expected for Downtown
Friday, December 28, 2007 | Crain's New York Business | Topic: Economic Development
Experts predict that Downtown Manhattan’s economic prosperity will continue into 2008. Despite rising rents and mortgage underwriting setbacks for developers, the area is expected to continue its robust growth albeit at a more reasonable pace. Though rental rates elsewhere in the city have been flattening, rent in Downtown is expected to increase while vacancy decreases. The growth is credited to Downtown’s transformation into a multiuse residential and office district over the past several years.
Housing Booming in Lower Manhattan
Friday, December 21, 2007 | Downtown Express | Topic: Housing
Downtown Alliance has released a study indicating that housing development in Lower Manhattan has been the largest in 23 years. The area has acquired 2800 new housing units and that figure is expected to rise in 2008. The neighborhood currently has 25,000 residential units. Retail amenities are beginning to follow the vast number of people moving to the area for its parks, schools, and close proximity to Manhattan‘s business sectors.
Contribution to Affordable Housing Fund for Construction Approval in Lower Manhattan
Friday, November 23, 2007 | Downtown Express | Topic: Land Use
Time Equities, Inc. has agreed to pay $5 million towards a Lower Manhattan affordable housing fund for approval of the construction of its new luxury condo tower near the Battery Park Tunnel. Time has been vying for approval from the City Council for months despite facing opposition over the building’s lack of affordable housing. Under an agreement brokered by Councilmember Alan Gerson, Time will give money to an affordable housing fund to preserve below market rate housing south of Houston Street. The 63 floor tower will cost $600 million and will include a 4 star hotel and 49 floors of condos. Time will contribute $2.5 million initially and the city will contribute $2 million. The remaining $2.5 million will be paid upon the firm’s certificate of occupancy. Though it is unclear exactly how much affordable housing will be created by the fund, it is sure that the amount will be greater than the 20% typically required of luxury condos that are built. Gerson and the city are hoping that others will contribute to the Lower Manhattan affordable housing fund in the future.
Deutsche Memorial Fountain Opens in Lower Manhattan
Friday, November 16, 2007 | Other | Topic: Environment
A new memorial fountain funded by the Deutsche Bank in honor of its employees who lost their lives on September 11, 2001 was opened in Manahatta Park. The project was made possible by a $400,000 donation from Deutsche for construction and maintenance. The fountain is part of a $1.2 million renovation of Manahatta Park, a project of the Lower Manhattan Economic Development Corporation and is part of an larger initiative launched in 2003 by the city and the state to develop new open spaces and parks in Lower Manhattan.
Battery Park City to Get New School
Friday, November 16, 2007 | Downtown Express | Topic: General
Governor Spitzer and Mayor Bloomberg announced plans for a new K-8 school to be built in Battery Park City. The school, which will be the city’s first green public school, will have 950 seats and is expected to help overcrowding downtown when it opens in 2010. The Battery Park City Authority donated the land and will contribute $3 million to help fund the environmentally friendly building features.
Lower Manhattan Gets $37 Million in Community Enhancement Grants
Friday, November 16, 2007 | Downtown Express | Topic: Economic Development
The Lower Manhattan Development Corp. announced grants to 33 grassroots nonprofit groups totaling $37 million. The grantees include schools, parks, and museums, with a special focus on healthcare groups. A large block grant was given to all 44 schools in Lower Manhattan, which can now apply for up to $250,000 for multiple purposes.
Expenses Approved for Deutsche Bank; Funding for Surrounding Area
Thursday, November 08, 2007 | NY1 | Topic: Economic Development
$10 million in new expenses has been approved by the owners of the former Deutsche Bank for the continued clean up and dismantling of the building including funding for legal fees for the Lower Manhattan Development Corporation for the August fire at the Bank. Also, $37 million in funding was announced by the Lower Manhattan Development Corporation for the area surrounding the World Trade Center site. The funding, provided through a “federal community enhancement grant", will be used in part for baseball fields, a museum and a health center. Governor Spitzer said that the increased funding for Lower Manhattan is continuing to help transform the area into “a community.”
Merrill Lynch Still Considering Move from Lower Manhattan
Thursday, October 25, 2007 | Newsday.com | Topic: Economic Development
Merrill Lynch & Co. is weighing their options about a potential move from Lower Manhattan to Midtown. Merrill Lynch is currently based out of the World Financial Center, which is directly west of the World Trade Center site. They are considering three options - expanding their space at the World Financial Center, using space in the new World Trade Center site, or moving to Midtown. Though the firm has yet to make a decision, a move to Midtown would be a significant blow to the Financial District which is still recovering from September 11, 2001.
Debate Continues on Plans for Chatham Square and Police Plaza
Monday, October 22, 2007 | Downtown Express | Topic: Transportation
Residents, elected officials, and other interested parties generally agree that traffic and congestion mitigation is needed through Chatham Square near Park Row in Chinatown but there is no agreement on what should be done. Police Plaza and many surrounding streets have been closed off to vehicular traffic since September 11th. An Environmental Impact Statement (EIS) completed for the closing of the area in front of Police Plaza was released in August and it concluded that mitigation efforts in the area were needed for traffic and pedestrian space. Recently, a coalition of concerned citizens requested that the city's Economic Development Corporation complete another EIS for any mitigation efforts they undertake including realigning roads and creating an esplanade. City officials believe that another review does not need to be completed.
Lower Manhattan Development Corp. Calls for Affordable Housing
Friday, October 12, 2007 | New York Daily News | Topic: Housing
Avi Schick, the chairman of the Lower Manhattan Development Corp., announced a state plan to build over 3 million square feet of housing near the Brooklyn-Battery Tunnel. Schick stated that there would be a substantial portion of the project designated as affordable housing. Although the plans are in the preliminary stages, Schick discussed converting a private garage to a public bus port which would open development rights for housing in the area.
LMDC Wants West Street Garage for Bus Parking
Thursday, October 11, 2007 | Crain's New York Business | Topic: Economic Development
Avi Schick, Chairman of the Lower Manhattan Development Corp., announced the proposed purchase of a garage for bus parking that is currently owned by the Metropolitan Transit Authority. The garage, located on West Street, is used currently for private parking. Idling buses along West Street have caused traffic congestion and pollution in Lower Manhattan, according to Schick. The proposal is expected to promote commercial and residential growth and since development rights may be freed up, there is a potential for significant affordable housing development.
College Students Newest Residents to Financial District
Friday, September 21, 2007 | Downtown Express | Topic: Housing
More Pace University students have started to move into the university’s newest building in Lower Manhattan located on John Street. With hopes of bringing students closer to the school and work opportunities, Pace recently renovated the office building into a 225-room dormitory with the help of the housing not-for-profit Educational Housing Services. Pace also hopes that the additional students in the neighborhood will have a positive influence on local businesses.
Residential Population Grows in Lower Manhattan
Thursday, August 16, 2007 | The Real Deal | Topic: Economic Development
The residential population of Downtown Manhattan has grown considerably since 2001, says a report by the Alliance for Downtown New York. The demographic of this Downtown population is wealthier on average than both Manhattan and the entire city. According to the same report, hotel and employment growth are contributing to the residential increase. Many in the area are clamoring for more retail options.
Lower Manhattan Could Lose Merrill Lynch
Tuesday, August 14, 2007 | New York Sun | Topic: Economic Development
Merrill Lynch has been exploring the idea of relocating its headquarters, which have been located in lower Manhattan since 1914, to a building near Madison Square Garden. The new headquarters would be located in a proposed 2.5 million square-foot office tower at the site of the Hotel Pennsylvania. Lower Manhattan would suffer greatly from the loss of Merrill, the second-largest employer in the area after the city.
Construction Bothering Some Lower Manhattan Residents
Tuesday, August 07, 2007 | WNYC | Topic: Economic Development
All the construction currently underway in Lower Manhattan is causing some tension with residents, who have complained about noise and the resulting inconveniences. Major projects currently under construction include the new JP Morgan building, a new transportation hub, and City University’s Fiterman Hall.
West Street Tower Approved with Conditions
Monday, June 25, 2007 | Downtown Express | Topic: Land Use
Manhattan Community Board 1 has OK’d the construction of the 50 West Street Tower in lower Manhattan. The board’s approval comes with conditions; developer Time Equities must follow through with its promise to build a public art gallery within the building, as well as a laptop program for nearby I.S. 89. The tower will rise to 63 stories, and consist of 150 hotel rooms and 300 luxury apartments.
Lower Manhattan Growth Unfair to Taxpayers?
Saturday, June 16, 2007 | New York Daily News | Topic: Politics & Government
In an editorial, the New York Daily News argues that the government's subsidy to bank JPMorgan Chase for the construction of a new tower across from Ground Zero is unjustifiably generous. $245 million in public subsidies over 25 years is simply excessive, says the paper, in light of the company's annual profits. While the post 9/11 growth of Lower Manhattan has been encouraging, many observers have criticized the taxpayer cost of the rebuilding.
JPMorgan To Receive $230M In Tax Breaks For Downtown Location
Friday, June 15, 2007 | New York Sun | Topic: Finance
JPMorgan Chase is set to receive approximately $230 million in subsidies to build their new headquarters at the side of the old Deutsche Bank building in downtown Manhattan. The building will cost $2 billion to construct. While the company was praised for its decision to move back to downtown Manhattan, critics have complained that the amount of subsidies was unnecessary given the recent recovery of the area and the desirability of the location. Mr. Spitzer stated that the vast majority of the subsidy was not a special allocation but would have been available to any developer of the site due to legislatively provided tax breaks and incentives.
Gehry to Design Playground
Wednesday, June 06, 2007 | BusinessWeek | Topic: Urban Design & Architecture
Famed architect Frank Gehry will be designing his first New York City playground as part of the continual rebirth of Battery Park in downtown Manhattan. The Gehry play space will be one square acre in size, and include a “green comfort station” consisting of a green roof and plant-based walls.
Woolworth Building To Become "Office Club"
Wednesday, May 30, 2007 | New York Times | Topic: Economic Development
The top 25 floors of the historic Woolworth Building in Lower Manhattan may become home to an exclusive “office club” – much like a country club – in which hedge funds and private equity firms would be the desired tenants. The floors were once apartments for lower-income residents: they have since been converted to offices, meeting rooms, and a dining room. A fitness center is also in the works.
Downtown Music Scenes Succumb to Rising Rents
Friday, May 04, 2007 | AM New York | Topic: Land Use
Many cultural observers are lamenting the exodus of some of New York's oldest establishments in the arts and music scene. Recent closings of famed rock and roll nightclubs like CBGB on the Lower East Side have prompted concern that rising rents in the area are displacing cultural venues that add to city life. To combat this exodus, City Council Member Alan Gerson is said to be considering tax and/or zoning proposals that would encourage arts venues to remain in their more expensive neighborhoods. Some have even called for a zoning change on the Lower East Side that would mandate set-aside land for outdoor performances.
Lower Manhattan Shows Commercial, Residential Growth
Tuesday, May 01, 2007 | The Real Estate, New York Observer | Topic: Economic Development
According to a report by the Alliance for Downtown New York, Lower Manhattan has seen substantial growth in the past two years in both residential and commercial offerings. In the year 2006 alone Lower Manhattan witnessed 12 new residential developments, which added approximately 1,718 apartments to the existing stock. For this reason, Lower Manhattan's inventory of apartments climbed to 19 percent. The report also details the rise in commercial leasing in the area following the decline of retail post 9/11. Hotel growth is expected to double the existing hotel inventory to nearly 5,000 rooms.
Burst of Hotel Construction in Lower Manhattan
Sunday, April 15, 2007 | New York Times | Topic: Economic Development
The recovery in Lower Manhattan isn’t just limited to demand for office space. Over a dozen hotels are also currently under construction or being planned, with the capacity to potentially more than double the number of rooms in the area. Developers see demand for these rooms as downtown Manhattan becomes increasingly active and vibrant. This article by the NY Times describes several of the larger hotel projects.
State Spurs Downtown Revitalization through Tax Abatements
Wednesday, April 04, 2007 | GlobeSt.com | Topic: Politics & Government
New York State through its legislature has renewed the Commercial Revitalization Program for another three-year term. The program, which offers tax abatements to property owners to the tune of $2.50-per-square-foot, has contributed to the maintained growth of the Downtown office market following the 9/11 attacks. Tenants support the program because of its encouragement of lower rents, a lure for businesses to move into the area. Originally passed in 1995, the program is cited by some as the reason why the ratio of office to residential space in Downtown Manhattan is the same today as it was pre-9/11.
Lower Manhattan Office Market in Healthy Recovery
Sunday, February 25, 2007 | Newsday.com | Topic: Economic Development
After hitting a vacancy rate of 17% in 2002, the downtown Manhattan office market has rebounded, with current vacancy rates finally down to pre-Sept 11th levels. Rents have also been increasing and there seems to be healthy demand for the large portion of new office space under construction in the Freedom Tower and new World Trade Center towers. Developers believe that the downtown market has benefited from relatively cheaper rates as compared to midtown, the creation of new housing in downtown which makes it a convenient commuting location for employees, and the recent large investment in public transportation and transit hubs.
Battery Park Being Reshaped into Family Destination
Thursday, January 11, 2007 | New York Sun | Topic: Waterfront
The Battery Conservancy has been working to transform Battery Park by adding family-orientated attractions such as a modern carousel. The park should benefit from overhaul of the Lower Manhattan subway system and Battery Conservancy also plans to initiate ferry service to Coney Island and other beach locations. Supporters believe that the project is well-timed, with an expected increase in Lower Manhattan’s population and businesses. Funding for the project remains unclear, but the Conservancy hopes to improve fund-raising efforts once the plans for Governor’s Island are finalized.