Real Estate Forum - October 2011

is that we can walk right over to the water-
front and experience all that Lower
Manhattan has to offer, and then you can
walk a few blocks and be at work. It has the
best of everything.”
In addition to Battery Park City, the
Downtown Alliance says 10 buildings with
2,546 units are scheduled to open by
2014, which includes Forest City Ratner
Cos.’ 76-story, 930-unit New York by
Gehry. Located at 8 Spruce St. between
William and Nassau streets, it is to be the
tallest residential tower in New York to
date. And because of the high demand
for living space, Lower Manhattan rents
command a higher average than other
neighborhoods. According to Citi
Habitats, the average monthly rate for an
apartment rose from $2,954 in 2007 to
$3,934 by mid-2011, a 33% increase. In
addition, the total volume of unit sales
has increased by 151% since 2003, says
the New York City Department of
Finance.

And with more people living in Lower
Manhattan, more are working here, too.
On the office front, approximately 3. 23
million square feet has been leased year-
to-date in Downtown alone, compared to
1. 43 million square feet in the second

“There were
incentives to
cover busi-
ness losses
and for those
whose leases
were expiring to stay—
those made a difference.”

MICHAEL SLATTERY

REBNY

quarter of 2010, according to CBRE. This
1.8-million-square-foot jump has been
defined by major relocations and desire
for post-2000 office space. A big driver
has been Condé Nast, which drove the
highest single month of leasing activity
here since September 2006.

Reprint orders: www.remreprints.com

Everyday Needs = Good Business

Bread &
butter
Pick up chinese food
Eggs too
+ dry cleaning
AAA batteries
dog food
Call in
prescription
scotch tape
Sport socks

Birthday card for
M
om

There’s nothing fancy about everyday shopping needs: picking up dry cleaning in the morning, grabbing pizza for lunch, shopping after work for a new DVD, take-out food, sweat socks, shampoo or even bread and butter. Everyday necessity shopping drives daily customer traffic to the retail, food and “big box” stores at Cedar’s Bread & Butter Shopping Centers®. Our tenants have long-term leases that generate predictable cash flow and our strong balance sheet permits us to take advantage of attractive acquisition and redevelopment opportunities. Centers that serve everyday shopping needs is our formula for good business.