Lower Manhattan shows high
demand for residential properties
BY EMILY DAVENPORT
Lower Manhattan’s real estate market
saw an upswing in the second quarter
of 2021.
The Alliance for Downtown New York
recently released its Lower Manhattan Real
Estate Market Report, Q2 2021. According
to its fi ndings, Lower Manhattan’s residential
market saw a demand for residential
units near offi ce buildings drove sales and
median rents to pre-pandemic levels during
this time period.
The report found that median rents in
Lower Manhattan saw a 24% increase
to $3,722. Listing discounts were more
absent during the second quarter, shifting
from the previous quarter where the listing
discount was nearly 6%. With many people
expecting to be called back to the offi ce,
the demand for residential units near offi ce
buildings increased.
“Recoveries always take time and what
we’re seeing now in Lower Manhattan
are the slow and steady steps toward a
return,” said Jessica Lappin, President of
the Alliance for Downtown New York.
“Incrementally, we’re seeing an uptick in
activity, and we remain hopeful that that
will continue to grow.”
On the retail front, the report found
that 40 new businesses have opened their
doors so far, putting retail openings in the
second quarter of this year were on pace
with the rate in early 2019. Some new businesses
that came to be in Lower Manhattan
that quarter were Momofuku’s Ssäm Bar,
Andrew Carmellini’s Italian chophouse
Carne Mare, casual burger and ice cream
spot Mister Dips, a fi tness center, and two
barbershops.
Commercial real estate is also slowly
starting to trend upward in Lower Manhattan.
A total of 591,000 square feet in
offi ce leasing took place in the second
PHOTO VIA GETTY IMAGES
quarter, a 32% increase compared to the
fi rst quarter and the highest quarterly total
since the pandemic began. However, the
rate of offi ce leasing is still 49% lower
than the fi ve-year quarterly leasing average
— in Midtown and Midtown South,
leasing activity was very similar. Despite
the vacancies remaining high, rents have
remained relatively stable.
Visit downtownny.com to read the full
report.
New ferry route connecting Staten Island to
Battery Park, Midtown to launch this month
BY EMILY DAVENPORT
A new New York City Ferry route is
offi cially setting sail this month.
The ferry’s new St. George route
will launch on Monday, Aug. 23, at 7:14
a.m. The new route will connect Staten
Island with the West Side of Manhattan
in Battery Park City and Midtown West at
W. 39th Street.
On the new St. George route, commuters
can get to Battery Park City in
just 17 minutes and to Midtown West in
35 minutes, with an estimated total travel
time savings to Midtown being 20 minutes
in each direction. At the Midtown West
stop, commuters can access a network of
free connecting buses that will give them
further access into Manhattan.
Like the other NYC Ferry routes, riders
can access the St. George route for $2.75
with tickets available on the NYC Ferry app
FILE PHOTO
or at vending machines at each landing.
For more information, visit ferry.nyc.
Film, TV
production
revving up
across city:
Report
BY DEAN JAMIESON
Despite COVID-19, television
and fi lm production in New
York City is roaring back, says
a new report by the Mayor’s Offi ce of
Media and Entertainment.
According to the report, the sector is
returning to pre-pandemic 2019 levels,
when it was responsible for some $82
billion in total economic output.
“The report makes clear what we’ve
long known – that the fi lm and television
industry is a signifi cant economic
driver providing high quality, wellpaying
jobs and generating signifi cant
revenue for the local businesses that
support it,” said Kris Bagwell, executive
vice president and managing director
of Silvercup Studios in Long Island
City, Queens.
Besides it’s total economic output,
the fi lm and TV industry also provided
some 185,000 jobs and $18 billion
wages for New Yorkers in 2019, when
a record high of eighty series were
shooting in the City.
The COVID-19 pandemic was a hit
to the industry; production was shut
down for months, and some 25% of
industry jobs were lost. But the recovery,
as with many industries, has been
precipitous, and production has now
touched pre-pandemic levels, with at
least 34 projects fi lming this year in
New York City.
“This study brings into focus what
we have been hearing from our community,”
said Flo Mitchell-Brown, chair
of the New York Production Alliance.
“After breaking records in terms of
investment and job creation in 2019, we
were hit particularly hard by COVID…
we’ll be back stronger than ever.”
Before COVID, the fi lm and TV
industry was growing at an annual rate
of 5% between 2004 and 2019, said the
report. This was partially due to state
tax credit programs, and partially due
to the independent nature of New York
City’s production.
Approximately 85% of New York’s
production is independent, distinguishing
it from Los Angeles and other
movie meccas.
4 August 19, 2021 Schneps Media
/downtownny.com
