Downtown Manhattan posts banner year after 9/11, pandemic

Downtown Manhattan posts banner year after 9/11, pandemic

1 / 4 century after 9/11, 5 years after the worst of the pandemic, Lower Manhattan is again on its toes and read to brawl.

The Downtown Alliance reviews the district loved a banner 2025, with more workplace leasing than in any year since 2019; the inhabitants breaking 70,000 for the first time; and house conversions gobbling up one after another obsolescent workplace constructing.

The leasing pattern that began as a trickle by means of the third quarter became a torrent by year’s end. The fourth quarter noticed 1.57 million sq. toes of new offers had been accomplished, bolstering the 2025 complete to 4.75 million sq. toes, double the year before in the district below Chambers Street.

The Downtown Alliance said the district loved a banner year in 2025. Christopher Sadowski

But there would possibly also be motion in the wind that’s not in the enterprise enchancment district’s report. The game-changing breakthrough could be a lease for American Express to anchor Two World Trade Center, which might get Larry Silverstein’s long-awaited project off the floor and full the Trade Center’s deliberate skyscraper quartet.

 “It’s moving forward,” an insider said told Realty Check. “But after other almost-deals fell through, nobody’s going to say a word until and unless it’s done.”

We’ve reported comparable predictions before, “But there’s teeth in it this time,” our source insisted.

Highlights of the Alliance survey embody:

* Office emptiness fell to 22.2%, down 2.1% since the end of 2024. Positive absorption received a lift from three mega-deals — Jane Street Capital’s renewal and expansion at 250 Vesey St., BNY Mellon’s 192,915 square-foot deal at One World Trade Center and Moody’s transfer to 457,730 sq. toes at 200 Liberty St.

* Tenants new to Downtown  accounted for 592,000 sq. toes of leasing, 5 occasions more than in 2024. Major relocations included the Department of Aging at 14 Wall St., Scale AI’S transfer to 1 WTC,  Arch Labs’ transfer to 199 Water St. and Atlantic Pictures at 100 Church St.

* The district’s residential inhabitants broke 70,000 — 14,000 more than in 2010 — for the first time. The quantity will skyrocket with the conversions of dozens of older workplace buildings, including at 110 Wall St. which can have 1,500 residences and 222 Broadway with practically 800 more.

World Trade Center developer Larry Silverstein. Tamara Beckwith

Conversion mania has taken 821,000 sq. toes of workplaces off the market in the past few years, the Alliance said.

Meanwhile, a number of very large workplace blocks stay up for grabs including at 60 Wall St., the place all 1.6 million sq. toes are on the market.

* In an fascinating twist, the MTA is auctioning off 350,000 sq. toes of air rights above the Fulton Center transit hub, which is underbuilt by zoning.

* Hotel occupancy hit 90%, the highest on file, at 41 properties with practically 8,000 rooms.

SL Green’s 1185 Sixth Ave, the place Carnegie Diner and Joe & the Juice just lately opened, is filling up workplaces as effectively.

Four new leases totalled practically 110,00 sq. toes, bringing the tower to 91% leased.

1185 Sixth Ave is now 91% leased. Stefano Giovannini

The largest deal was for patent litigation legislation agency Groombridge, Wu, Baughman & Stone, which took practically 43,000 sq. toes on the complete thirty seventh flooring and a part of the thirty sixth flooring. JLL’s Lisa Kiell and Andrew Coe represented the tenant. A Newmark team including Brian Waterman repped SL Green.

East West Bank is the latest tenant at Rudin’s 345 Park Ave. The California-based establishment took 38,000 sq. toes for its Manhattan headquarters, increasing and consolidating from 485 and 535 Madison Ave.

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