diverse. flourishing. evolving. - downtown alliance | · a thriving international tourist...

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Diverse. Flourishing. Evolving. Lower Manhattan is changing rapidly, as more and more businesses and residents move south of Chambers Street, infusing this globally recognized business district with unrivaled potential. Home to hundreds of thousands of workers, one of New York’s most affluent and fastest-growing residential communities and a thriving international tourist destination – this kinetic square mile at New York’s southern tip has something for everybody. At the center of a regional, multi-modal transportation network, the district has already experienced a dramatic transformation, with $30 billion of capital investment in transit, new office and residential towers, retail space, hotels, parks, and cultural institutions.

It’s no longer business as usual in Lower Manhattan. Forget about 9 to 5 – Lower Manhattan is hopping 24/7. Fabulous stores, hot new restaurants, cozy coffee shops and inviting public parks play host to financiers and power brokers alongside a savvy tech and media crowd — and students and young families.

With $5.2 billion in annual buying power, the Lower Manhattan market is on track to become New York City’s premier retail destination. Come and see what all the buzz is about. Amazing things are happening.

LOWER MANHATTAN: NEW YORK’S 21ST

CENTURY CROSSROADS

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ANNUAL SPENDING POWER OF THE LOWER MANHATTAN MARKET: $5.2 BILLION

LocatIon•SOUTHERNMOST TIP OF MANHATTAN

•SOUTH OF CHAMBERS STREET

•1 SQUARE MILE

•85 MILLION SQUARE FEET OF OFFICE SPACE

•586 STORES AND STOREFRONT SERVICES

•441 BARS AND RESTAURANTS

PRIMaRY MaRKEt aREa•POPULATION: 61,000

•TOTAL HOUSEHOLDS: 30,500

•AVERAGE HOUSEHOLD INCOME: $204,000

GREatER MaRKEt aREa (3-MILE RADIUS)

•TOTAL HOUSEHOLDS: 368,000

•AVERAGE HOUSEHOLD INCOME: $128,000

EMPLoYMEnt•TOTAL EMPLOYMENT: 310,000

•AVERAGE EMPLOYEE ANNUAL WAGE: $117,000

•MAJOR INDUSTRIES: MEDIA, FINANCIAL SERVICES, INSURANCE, REAL ESTATE, GOVERNMENT, PROFESSIONAL SERVICES, CREATIVE SERVICES, TECHNOLOGY, NONPROFIT

EDucatIon•K-12 PUBLIC AND PRIVATE SCHOOLS: 20

•TOTAL K-12 STUDENT ENROLLMENT: 11,065

•INSTITUTIONS OF HIGHER LEARNING: 17

•TOTAL ENROLLMENT AT INSTITUTIONS OF HIGHER LEARNING: 57,200

VISItoRS anD touRISM•ANNUAL VISITORS: 11.5 MILLION*

•HOTEL ROOMS: 4,100

•HOTELS: 18

MaSS tRanSIt•TOTAL ANNUAL TRANSIT RIDERSHIP:

132 MILLION

•12 NYC SUBWAY LINES

•30 BUS ROUTES

•6 FERRY TERMINALS & 13 ROUTES

•PATH TRAIN TO NEW JERSEY

•FREE CIRCULATOR BUS (INTRA-DISTRICT)

KEY FACTS

* Statistic reflects 2012 visitor data, as the impact of Hurricane Sandy temporarily diminished visitor counts in 2013.

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LOWER MANHATTAN: AMAZING THINGS ARE HAPPENING

Lower Manhattan is undergoing an incredible metamorphosis. From the construction of the tallest office building in North America to two new game- changing transit hubs to a stunning, brand new waterfront esplanade on the East River to the blossoming of a robust media and technology sector – nearly every corner of Lower Manhattan’s landscape is growing and evolving.

The cumulative impact of $30 billion in public and private investment over the last 10 years is materializing. It is visible on the street and in the market.

A lot has already changed, but the best is yet to come. By 2015, Lower Manhattan will have 4.4 million square feet of new office space (at the reinvented World Trade Center alone), $5 billion worth of new transit infrastructure, 1,556 new housing units and countless acres of new parkland and open space. There are 2,000 new hotel rooms now under construction in 11 buildings, including a new Four Seasons and the world’s tallest Holiday Inn. Two new major tourist destinations – the National September 11 Memorial Museum and the observation deck on the 100th floor of One World Trade Center— will join the district’s plethora of attractions and draw millions of additional visitors. The potential for increased consumer spending is vast.

The area is poised for dramatic growth on all fronts and, with that growth, comes demand for new shopping and dining options.

How will Lower Manhattan meet the surge of demand? With 1 million square feet of new retail and dining possibilities.

Lower Manhattan’s next chapter has begun.

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WHO’S HERE NOW

The market is heating up downtown, as major national and international brands contribute to the remaking of Lower Manhattan. In response to the rapid growth of residential and worker populations, the expansion of transportation options and the arrival of more and more tourists, many well-known and savvy retailers have already established a presence here.

From high-end shops to boutiques to popular chains, the constellation of quality brands is varied and rich: Hermès and Burberry, Fairway and Whole Foods Market, Barnes & Noble and GameStop, Financier Patiserrie and Pret A Manger, Tiffany and Century 21 — just to name a few.

Spending power in the area is strong and on the rise, and the time is ripe for a retail boom. Pioneering brands have a unique chance to be part of something big in Lower Manhattan. The time is now.

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WHAT’S IN STORE FOR LOWER MANHATTAN

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Opening in 2015, Westfield World Trade Center will be an iconic and spectacular destination featuring a curated mix of 150 of the world’s best and most sought after fashion, lifestyle and technology brands. It will also feature an exquisite collection of dining opportunities and guest experiences powered by state-of- the-art technology.

Anchored by The Oculus, designed by world-renowned architect Santiago Calatrava, Westfield World Trade Center will be a 350,000-square-foot world-class destination with a major street-level presence along Church Street, Cortlandt Way and Dey Street, including three stories in Towers 3 and 4.

At Westfield World Trade Center, the opportunities for connectivity are endless. With various modes of transportation, including 13 rail lines, no place in New York City has ever felt so central.

Westfield World Trade Center will emerge as an integral part of the social fabric of Lower Manhattan, bringing art, fashion, architecture, cuisine, entertainment and culture together in a way that will make it an extraordinarily distinctive part of the future of Lower Manhattan and New York City.

NEW DEVELOPMENTS:

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Brookfield Place, formerly The World Financial Center, is being completely reinvented and will feature stunning new lobbies, distinctive retail and convenient transportation.

Brookfield is transforming the retail and public space into a world-class shopping and dining experience.

Featuring 100 free events per year, Brookfield Place will become a major downtown destination.

the expanded and invigorated retail includes:

•more than 40 local and international retailers•15 fast casual dining offerings•800-seat shared dining with waterfront views•6 signature restaurants •a 30,000-square-foot European-style food marketplace

Retail tenants so far include: Michael Kors, Hermès, Calypso St. Barth, Salvatore Ferragamo, Judith & Charles, Scoop and Zegna. The dining gallery has already secured a dozen tenants. They are: Umami Burger, Dos Toros Taqueria, Chop’t, Dig Inn, Num Pang, Skinny Pizza, Sprinkles, Little Muenster, Mighty Quinns, Tartinery, Olive’s and Parm.

With inspiring views, waterfront dining and inventive arts and cultural programming, Brookfield Place will bring remarkable dynamism to Lower Manhattan. It will open in 2014.

NEW DEVELOPMENTS:

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Coming in 2014, the MTA’s Fulton Center is certain to be among Lower Manhattan’s next great public spaces. Combining a state-of-the-art transportation hub with shopping, dining and office space, the site will offer 65,000 square feet of commercial possibilities. The complex will improve connections between 11 subway lines and five existing subway stations and will serve upwards of 300,000 commuters, residents and tourists each day.

The Fulton Building is a distinguished new LEED-certified building designed by ARUP and Grimshaw Architects. The building is organized around a grand civic space, defined by a glass-topped atrium with a distinctive cable net sculpture. Two floors of retail below ground, open retail areas at street level, and two glass-enclosed upper floors will serve members of the Lower Manhattan community and transit riders alike. An extensive digital media program will offer creative advertising opportunities within the Center.

This transportation center also incorporates the Corbin Building, listed on the National Register of Historic Places. The ground floor will provide a prominent retail space fronting on Broadway and John Street, as well as a major entrance to the Fulton building. The upper floors of the building may be developed to suit a range of tastes, including retail, office or hotel purposes.

The MTA and the Federal Transit Administration have invested approximately $1.4 billion in the Fulton Center.

Fulton CenterNEW DEVELOPMENTS:

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A re-imagined South Street Seaport will create a spectacular New York experience. Pier 17 is being converted into an extraordinary commercial and public space, providing Lower Manhattan’s workers, tourists and rapidly growing residential population with a welcome community anchor.

The development plan includes 365,000 square feet of a unique mix of retail, dining and entertainment options. These will be highlighted by a one- and-a-half-acre rooftop, including a top-notch restaurant, two outdoor bars and an amphitheater that will hold up to 4,000 people for concerts and special events – becoming a premier boutique entertainment venue. The pier will showcase stunning views of New York Harbor, the Statue of Liberty, the Brooklyn Bridge and Lower Manhattan. The grand reopening is planned for 2016.

Along with the rooftop destination, the new Pier 17 building will feature a glass façade encompassing a compelling array of stores, restaurants and neighborhood shops. The contemporary design draws from the site’s history as a thriving marketplace and renowned maritime port with the goal of creating a magnificent gathering place and unrivaled waterfront access that is available to all.

NEW DEVELOPMENTS:

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NEW DEVELOPMENTS: DYNAMIC POSSIBILITIES

lobby level

In Lower Manhattan, opportunities for new stores to build out come in all shapes and sizes and are around every corner. Exciting possibilities go beyond the four big upcoming development projects.

No less than 270,500 square feet of new or repositioned space is on the way in numerous individual locations across the area, just waiting for custom fit-outs. Several different buildings are undergoing major improvements at the same time, as the Lower Manhattan retail frontier continues to expand in spaces old and new.

Rose Associates is converting the art deco trophy building at 70 Pine Street into 644 rental apartments and 132 extended-stay apartments; the renovated building will also include 35,000 square feet of new retail space. The former Verizon building next to the World Trade Center at 140 West Street will become a mixed-use facility with commercial offices, residential units and 85,000 square feet for retail. At the crossroads of Lower Manhattan, adjacent to Fulton Center, L&L Holding and Beacon Capitol Partners are creating 70,000 square feet of new and repositioned retail space at 222 Broadway and 195 Broadway. The 33,550-square-foot, two-story building at 100 Broad Street was recently given a new façade, new elevators and an improved open floor plan. At 1 new York Plaza, Brookfield Office Properties is repositioning 47,000 square feet of retail in the concourse level of this 2.56 million-square-foot building that overlooks New York Harbor.

These are just the latest prospects, as Lower Manhattan’s transformation continues. The potential is everywhere — in buildings that are historic and grand and in those that are modern and open. Space is plentiful and adaptable and can accommodate the needs of stores and restaurants big and small.

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WHO SHOPSIN LOWERMANHATTAN?

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With over 85 million square feet of office space, Lower Manhattan is one of the largest and most active business districts in the country. And with 4.4 million square feet of new space coming online at the World Trade Center site by 2015, the number of workers – and potential shoppers – in the district will reach new heights in the years ahead.

Lower Manhattan’s workforce is becoming bigger and markedly more diverse, as more technology and media companies set up shop here. Over the past year, the number of tech companies grew by 24 percent, from nearly 500 in 2012 to 600 today. These newcomers are energizing the neighborhood and bringing more buying power and a varied gamut of tastes and retail habits. Among the media and creative companies that have recently signed on south of Chambers Street are publishing titans Harper Collins and Condé Nast and advertising firm Droga 5. Many more are on the way, lured by extremely competitive office rents, adaptable office space, a plethora of food and entertainment options, premier broadband infrastructure and proximity to numerous mass transit options.

The district’s 8,600 employers span a wide range of other industries as well, including Finance, Insurance, and Real Estate; Professional Services; Government; Education and Not-for-Profits. While the creative services and technology sector continues to grow, Financial Services remains Lower Manhattan’s signature industry — and a pillar of the future.

Among the financial giants located in Lower Manhattan: Morgan Stanley, Standard & Poor’s, American Express, Goldman Sachs, Deutsche Bank, JPMorgan Chase and Bank of New York Mellon. Each occupies over one million square feet of space in the district.

Every day, nearly 310,000

employees fill the streets of

Lower Manhattan. With an

average annual wage of

$117,000, they are hungry

for more shopping, dining

and personal services.

WORKERS

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Highly educated, affluent and well-traveled, the people who call Lower Manhattan home span a wide demographic – from hip, young singles, to couples and families, to empty nesters looking to enjoy their golden years. One of New York City’s fastest growing neighborhoods, the area has seen a doubling in residents since 2001. An estimated 61,000 people live in 30,500 units south of Chambers Street.

As the population grows, residents have shown a strong commitment to the area. Many who moved here as renters ended up buying homes. Almost two-thirds have lived in Lower Manhattan for five or more years, and the overwhelming majority plans to stay for at least the next three years.

Many residents hold high-paying jobs, and the average household income is $204,000. The Finance, Insurance and Real Estate sector employs 29 percent of the population; Creative Services and Business Services each employ 14 percent. The area is home to a sizeable community of entrepreneurs, with 23 percent of residents identifying as self-employed. An estimated 22 percent of those living here own a second home.

Lower Manhattan is family-oriented with more couples and households with children than singles and roommates. Twenty-three percent of households have children under 18 months, and data suggest that this proportion will rise in the next several years. Lower Manhattan’s baby boom has spurred an increase in the number of public and private primary and secondary schools – there are now almost 20. Almost 7,000 teenagers are enrolled in high school. But the students aren’t all locals – private Léman Manhattan Preparatory School and the prestigious public schools, Millennium High and Stuyvesant High, are attracting top achievers from around the city.

Education is a top priority for all ages. On average, 85 percent of residents have a college degree, and 42 percent have done post-graduate work. By comparison, across New York City, 39 percent of residents have a college degree.

With 61,000 residents

and an average household

income of $204,000, Lower

Manhattan is one of New

York City’s most affluent

and fastest-growing

neighborhoods.

RESIDENTS

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Tourists are flocking to Lower Manhattan. What other neighborhood is home to so many iconic attractions? The Statue of Liberty, Ellis Island, the New York Stock Exchange, the Brooklyn Bridge, the Federal Hall National Memorial, the South Street Seaport and the National September 11 Memorial are all downtown. The area had 11.5 million tourists in 20121*. The neighborhood’s winding streets, monuments and museums, extraordinary harbor views and waterfront activities, classic architecture, stores and restaurants all add to the allure of Lower Manhattan.

The opening of the national September 11 Memorial in September, 2011 added another compelling reason to come to Lower Manhattan, drawing more than 10 million visitors in its first two years. The opening of the national September 11 Memorial Museum this spring will be another magnetic draw.

Also coming soon is the observation deck at One World Trade Center, which will offer panoramic views 1,250 feet in the sky. Among the many sights visitors can take in is Governor’s Island. The 172-acre island in the heart of New York Harbor is undergoing a complete transformation and is one of New York’s great outdoor experiences.

All this tourism activity has attracted the attention of the hotel industry, sparking a hotel building blitz in the last several years and adding new brands, ranging from luxury to boutique to budget. Today, there are 4,100 rooms in 18 hotels in the district, triple the number of hotels that existed 10 years ago. The development boom continues with 11 additional hotels scheduled for completion by 2015, which will bring the inventory to 6,110 rooms in 29 hotels.

In 2012, approximately

11.5 million unique visitors

came to Lower Manhattan’s

many events and attractions.

1 Source: Audience Research & Analysis.* Statistic reflects 2012 visitor data, as the impact of Hurricane Sandy temporarily diminished visitor counts in 2013.

VISITORS

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Education is a booming industry in Lower Manhattan and expands the daytime population by tens of thousands. The student headcount includes those in undergraduate, graduate and continuing education programs. Every segment is growing fast. Lower Manhattan is a center of post-secondary and graduate learning. In addition to the main campus of Pace University and the Borough of Manhattan Community College (BMCC), Lower Manhattan’s institutions of higher learning also include New York University’s School of Continuing and Professional Studies and Polytechnic Institute and City College of New York’s Center for Worker Education. In the past year, several more — including Nyack College, The New York Film Academy, King’s College and the Flatiron School — have relocated some or all of their operations to the district. In total, 17 institutions offer training and degree programs that have a combined enrollment of more than 57,000 students annually.

The ranks of college students continue to rise as Lower Manhattan’s biggest institutions undertake major capital projects. In 2012, BMCC opened Fiterman Hall, a 400,000-square foot academic building, which includes 65 classrooms and 130 faculty offices.

In the fall of 2013, Pace University opened another student dormitory at 180 Broadway and has an additional dormitory under construction at 33 Beekman Street, housing 1,300 students. These buildings will bring the number of Pace student residents to 3,000 — great news for retailers who might like a piece of the $68.4 million spent by the Pace University community in off-campus activities each year.

Lower Manhattan

boasts 17 academic

institutions with a

combined annual

enrollment of over

57,000 students.

STUDENTS

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SUBDISTRICTSOF LOWERMANHATTAN

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SUBDIS TRICT:

TRIBECA SOUTHRet ailer s Include:1 Chipotle2 Unleashed (Petco)3 Amish Market 4 Whole Foods5 Bed Bath & Beyond6 Barnes & Noble7 Le Pain Quotidien (2)8 The Palm Tribeca9 Jamba Juice 10 Equinox11 Game Stop12 Pret A Manger13 Aroma Café14 Soul Cycle15 McDonald’s 16 Fairway

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SUBDIS TRICT:

FINANCIAL DISTRICTRet ailer s Include:1 Equinox2 The Capital Grille3 Hermès4 Tiffany & Co.5 Cipriani6 Thomas Pink7 La Maison du Chocolat8 Tumi 9 BMW10 Crumbs Bakery (2)11 Open Kitchen12 Bobby Van’s13 Canali14 Haru15 True Religion16 Luke’s Lobster17 TJ Maxx18 Duane Reade (2)19 Potbelly’s Sandwich Shop20 Sarar21 My.Suit22 Starbucks(3)23 New York Sports Club

SUBDIS TRICT:

BROADWAYRet ailer s Include:1 Sephora2 Century 213 Staples4 JoS. A. Bank5 Starbucks (3)6 Pret A Manger (2)7 Easy Spirit8 Aldo9 Men’s Wearhouse10 Vitamin Shoppe11 Modell’s12 Duane Reade (3)13 Loft14 Nine West15 Aerosoles16 Chipotle17 Urban Outfitters

18 City Sports

38

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SUBDIS TRICT:

FULTON STREETRet ailer s Include:

1 Starbucks (2)2 CVS 3 Potbelly Sandwich Shop4 Hale and Hearty5 GRK6 Red Mango 7 Au Bon Pain8 Chipotle9 Baked by Melissa10 Burger King11 Les Halles12 Crunch Gym13 Duane Reade (3)14 New York & Company15 Godiva16 Harry’s Italian17 Lenny’s NYC18 Barnes & Noble at Pace University19 55 Fulton Market20 J&R Music and Computer World21 Zeytuna22 Financier Patisserie23 Oren’s Daily Roast24 Magic Mix Juicery

SUBDIS TRICT:

WATER STREET & SOUTH STREET SEAPORT Ret ailer s Include:

1 Wall & Water Restaurant2 Haru3 Stone Street Restaurant Row4 Chop’t5 Watermark Bar & Grill6 Duane Reade (2)7 Fika Espresso Bar8 Shorty’s Cheesesteak9 Fraunces Tavern10 Hale and Hearty11 Jersey Mike’s12 Starbucks (4)13 Au Bon Pain14 Chipotle15 Potbelly Sandwich Shop16 Hot Clay Oven17 Clarke’s Standard18 Terri19 Roti Mediterranean Grill20 Yushi21 Lenny’s22 Abercrombie & Fitch23 Guess24 Superdry25 TKTS26 Trading Post27 Fresh Salt28 Bin No. 22029 Keg No. 22930 Barbalu31 Paris Cafe32 Salty Paw33 Suteishi

41


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61

SUBDIS TRICT:

WTC & GREENWICH SOUTHRet ailer s Include:

1 National 9/11 Memorial Entry Point

2 Trinity Department Store

3 BLT Bar & Grill

4 Clinton Hall

5 The Trinity Boxing Club

6 Bill’s Bar & Burger

7 Century 21

8 Brooks Brothers9 9/11 Memorial Preview Center10 Morton’s Steakhouse

11 Tajin Mexican Restaurant

12 Dunkin Donuts

13 Blue Planet Grill

SUBDIS TRICT:

BATTERY PARK CITY & BROOKFIELD PLACERet ailer s Include:1 Le Pain Quotidien2 North End Grill3 Shake Shack4 Francois Payard Bakery 5 Harry’s Italian6 Blue Smoke7 Regal Cinema8 Au Bon Pain9 Devon & Blakely10 Financier Patisserie11 P.J. Clarke’s12 Starbucks

Coming Soon:13 Salvatore Ferragamo14 Calypso St. Barth15 Judith & Charles16 Michael Kors17 Hermès18 Zegna19 Scoop20 Equinox21 Parm22 Tartinery23 Umami Burger24 Dos Toros25 Chop’t26 Dig Inn27 Num Pang28 Skinny Pizza29 Sprinkles30 Little Muenster31 Mighty Quinn’s 32 Olives

Alliance for Downtown New York120 Broadway Suite 3340New York, NY 10271212.566.6700DowntownNY.com

LOWER MANHATTAN : WHERE THE FOOT TRAFFIC IS

Telephone: 212-835-2787 Email: [email protected]

Photo credits: Charging Bull Sculpture by artist Arturo Di Modica - page 5Philip Greenberg - pages 6, 24Jaclyn Slimm - Cover, pages 2, 8, 10, 22, 30, 32, 42 Courtesy of Westfield Group - pages 12, 13,Courtesy of Silverstein Properties - pages 3, 7,Courtesy of Brookfield Office Properties - pages 14, 15Courtesy of Howard Hughes Corporation - pages 18, 19Courtesy of the NY Metropolitan Transportation Authority - pages 16, 17Courtesy of Rose Associates - pages 20, 21Jennifer May - page 26

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