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Downtown Retail Leasing Moves Full Speed Ahead

NEW YORK CITY-With BMW's lease deal at 67 Wall St., retail rents have skyrocketed from under $100 per foot to as high as $500 per foot on the world-famous street.

By Melissa Kress | Updated on August 09, 2007

NEW YORK CITY-It’s been six years in the making, and with the anniversary of the Sept. 11 terror attacks fast approaching, redevelopment of Lower Manhattan is picking up steam. From office to residential and notably retail, the area is moving toward its goal of becoming a 24/7 neighborhood.

“Retail defines all neighborhoods,” explained Ed Hogan, national director of retail at Brookfield Properties. “We are seeing retail starting to impact 24/7 on the environment of Lower Manhattan.” He added that Brookfield has seen a similar reaction in Downtown Los Angeles. “Once residential grows, retail comes in and feeds itself.”

Hogan’s comments, which came at a program aimed at neighborhood trends hosted by ICSC New York Next Generation, were echoed by Darrell Rubens, managing director at Winick Realty Group. With restaurants and cafes open late and on weekends, young people are flocking to the area, he said, and “once they started to go down the demographics really changed.”

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