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Downtown Gets Glowing Reviews

NEW YORK CITY-A new Q1 report underscores the submarkets great success story.

By Rayna Katz | Updated on May 03, 2013

NEW YORK CITY-Lower Manhattan received another very upbeat report card Tuesday when the Alliance for Downtown New York issued its Q1 report. Total leasing in the submarket for the first three months of 2013 came in at 1.37 million square feet, a healthy 39% increase year-over-year and a noteworthy 32% higher than the 10-year average.

According to data provided by CBRE, six of Manhattan’s top 10 new deals were in the boroughs bottom reaches. Harper Colins signed the largest agreement, for 180,700 square feet at 195 Broadway. The second largest lease, signed by Liberty Mutual, was for a whopping 130,500-square-foot renewal and expansion at 55 Water St., a deal made especially significant by the fact that the building was heavily damaged by Hurricane Sandy.

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