Lower Manhattan has undergone a redevelopment following the Sept. 11 attacks in 2001. In our Bisnow Video of the Day, Centurion Real Estate principal John Tashjian says downtown Manhattan was "ripe for redevelopment," and the aftermath of 9/11 and government subsidies have transformed the neighborhood.
Commercially, Tashjian has noted a "tremendous push downtown," in the past three years, with some changes linked to loss of the institution that came with the Twin Towers. And the dynamic of the types of firms moving downtown has changed following Conde Nast's move into the Freedom Tower. Although only two-thirds of the Freedom Tower is leased out, Battery Park has seen tremendous drop in vacancy rates. Luxury retailers have also been moving into the area, causing a retail boom.
And the incoming transportation hub will make the area more attractive and accessible. 250,000 new rental units are slated to join the area, and Tashjian believes that older buildings will be converted to accommodate the influx.
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