February 13, 2019
Along with success in office and retail leasing, another measure of Lower Manhattan’s vitality is its growing residential sector. The section of town that formerly rolled up the sidewalks now contains over 33,245 rental apartments and co-ops/condominiums, according to the Alliance for Downtown New York. That includes 1,300 that came on line in 2018.
The Downtown Alliance’s annual survey of the commercial real estate landscape notes that Lower Manhattan’s residential population grew 2% year over year to 62,000 in 2018. It’s expected to continue growing “with large rental buildings still to be absorbed into the local market,” says the alliance.
Nearly 2,900 units in 19 buildings are under construction or planned for development, with 35% planned as rentals and 65% condos. “According to the New York Building Congress, Lower Manhattan will be home to 7% of the 40,000 housing units anticipated to be completed citywide between 2019 and 2020,” the Alliance says.
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