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Downtown Confronts Challenges of '09

NEW YORK CITY-Maintaining Lower Manhattan's growth amid the financial services implosion will be the focus of Thursday's RealShare Downtown New York virtual conference.

By Paul Bubny | Updated on March 09, 2009

NEW YORK CITY-The southern tip of Manhattan Island is in many ways the epicenter of the financial earthquake that has rocked the US economy. After all, Wall Street is an actual place name here, not just a figure of speech. However, Downtown is also the scene of an ongoing transformation into a 24/7 mixed-use community and an enormous rebuilding project at Ground Zero. Reconciling present-day realities with visions for the future is one of the challenges facing proponents of Downtown, and it will be one of the key themes under discussion at Thursday’s RealShare Downtown New York Virtual Conference beginning at 11 a.m.

“It’s going to be a matter of fact, practical discussion of Downtown,” conference producer Brian Klebash tells GlobeSt.com. That discussion will bring market experts together in a virtual setting, and it promises to be a spirited conversation. “You’ll hear clearly contrasting viewpoints about the future of Downtown over the next 12 to 18 months.”

The course of the next 12 to 18 months is anything but predictable, and the biggest question mark–and the conference’s lead-off panel–focuses on whether the Obama administration’s efforts to jump-start the economy will benefit Downtown. Featured speaker Christian Menegatti, managing editor and lead analyst with RGE Monitor, will analyze what the future may hold in store for Lower Manhattan, in terms of the economy’s impact on Downtown’s financial tenant base and the potential of new incentives and targeted resources through TARP and the stimulus program. Government intervention is a particularly meaningful topic in this submarket, because the forms that federal action could take range from relief for financial institutions to funding for some of the large-scale transit projects under construction here.

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