Mary Ann Tighe, CBRE's CEO, New York Tri-State Region
NEW YORK CITY—CBRE's CEO, New York Tri-State Region, Mary Ann Tighe made a compelling case for the future of Downtown Manhattan in a presentation to journalists last week at 3 World Trade Center. Like closing argument before a jury, Tighe conveyed a position that Downtown now offers a younger and larger building stock; less expensive options; spaces luring TAMI tenants; and a diverse community. Stated and unstated were comparisons to the competition of Midtown and Hudson Yards.
The average age of buildings in Manhattan is 77 years old. In Midtown South the average building age is 97 years old. “Interestingly, Downtown, where we know the city began, the average age is only 69 years,” said Tighe. “So, you have this curious thing where the oldest part of the city actually has the youngest supply of product.”
In addition, the average building size in Downtown of about 750,000 square feet dwarfs the average building size in Midtown South of 250,000 square feet.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
