Alliance for Downtown New York 2015 Annual Report

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2015 Annual Report

“Lower Manhattan is back.”

— Condé Nast Traveler

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A MESSAGE FROM THE CHAIR & PRESIDENT

OUR WORK: LOWER MANHATTAN HQ

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LOWER MANHATTAN: THE POWER OF CONTRAST

OUR WORK: OPERATIONS

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SURGING AHEAD: LOWER MANHATTAN’S ECONOMIC REVIVAL

OUR WORK: COMMUNICATIONS

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OUR WORK: ECONOMIC DEVELOPMENT

FINANCIALS

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A MESSAGE FROM THE CHAIR & PRESIDENT

In the past year, it was hard to keep up with all that

and innovation hub called LMHQ. Located at 150

was changing in the landscape of Lower Manhattan:

Broadway, LMHQ serves as an annex to the traditional

a bevy of brand-new places to shop and eat; state-of-the-

office space, supporting new ways to work and conduct

art office buildings opening; and the introduction of

business. It features conference rooms and a large event

new tourist attractions, hotels and apartment buildings.

space for rent to the public and has both individual and

The unveiling of the reinvented Brookfield Place

corporate members. It opened last July, and we’ve been

ushered in a host of intriguing dining and shopping

excited by the great response to this cutting-edge new

options and offered a glimpse of what is to come.

facility (learn more on page 16). Please come by and

One World Observatory debuted as a marquee

check it out.

attraction at the top of One World Trade Center, drawing more than 1 million visitors in its first three months alone, while the National September 11 Memorial Museum welcomed 3 million people in 2015.

Overall, tourism had a great year in Lower Manhattan, with a 14 percent annual increase in visitors.

In addition to opening LMHQ, the Alliance collaborated with our partners in the private and public sectors last year in a myriad of other ways to advance the best interests of this unique neighborhood.

We advocated successfully for incentives to improve the business climate, expanded our free public WiFi

Santiago Calatrava’s spectacular Oculus and

network, revamped our website, significantly grew

Transit Hub opened at the World Trade Center,

our collection of video and photographic assets to

and the shops are expected to open before the end

better market the neighborhood, overhauled and

of the year. A rejuvenated Battery yielded new bike

enhanced our free bus service and also helped secure

paths and walkways, a lush new greenspace called

critical resiliency funding for Lower Manhattan.

the “Battery Oval” and the magnificent SeaGlass Carousel — a destination for all ages. On the east side, the continuing revitalization of the Seaport District and the reinvigoration of the Water Street Corridor — a long-time Alliance priority — have contributed to the district’s vibrancy.

We also worked hard to keep the area clean and safe.

In fiscal year 2015, our operations team made 891,817 public safety contacts, removed 148,866 bags of trash, improved our parks and green spaces, and provided basic information to nearly 1 million visitors. In support of the city’s historic ticker-tape “Canyon

And we hit another different kind of milestone in

of Heroes” parade for the U.S. Women’s soccer team

the area: Private sector employment in 2014 reached

on July 10th, our staff supplied around two tons of

its highest level since the 9/11 attacks, and should

confetti and also provided supplemental security and

only keep growing. According to a new Alliance

sanitation services to help clean that all up! We also

report (see page 10), Lower Manhattan’s powerful

organized a wide-ranging series of events — from our

economic momentum — driven by an increasingly

wildly popular food fair (Dine Around Downtown)

diverse combination of new industries and the

to our summer programming series (GameOn!) —

public’s investment of billions of dollars in capital

that promoted Lower Manhattan businesses and

projects — will unleash unprecedented growth

highlighted much of what this dynamic neighborhood

and opportunities in the years ahead.

has to offer.

The commercial market is now more diverse than

Lower Manhattan’s growing mix of companies and

ever before, and many companies — including

people fuels our vitality. As this unique neighborhood

Time Inc. and Condé Nast — settled into their

continues to evolve, the Alliance will keep working

downtown digs in 2015. These new arrivals are

with our partners, new and old, to feed Lower

changing not only the area’s economic makeup,

Manhattan’s new era of optimism.

but also its social and cultural fabric. Lower Manhattan is now one of New York’s hottest neighborhoods, with an undeniable energy pulsing in the streets.

Jessica Lappin President

Alan M. Scott Chair

In order to tap into that energy and to better serve newcomers and long-timers alike, the Downtown Alliance launched a first-of-its-kind collaboration

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“It’s as if the island’s center of gravity has shifted.”

— The New York Times

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LOWER MANHATTAN: THE POWER OF CONTRAST

NEW LEASING ACTIVITY BY INDUSTRY IN LOWER MANHATTAN, 2015 * Source: Jones Lang LaSalle

Health Care

Government Nonprofit Other — Retail Trade

FIRE (Finance, Insurance, Real Estate)

5% 6%

3% 2%

Professional Services Coworking/Flex Office

1%

resiliency and evolution. Lower Manhattan is old and new, residential and commercial, charming and tough, historic and cutting-edge. It is a neighborhood of bankers and tech gurus, of students and tourists, of young families and retirees.

23%

The blend of diverse elements and people is the key to Lower Manhattan’s strength. The idea of a mixed-use neighborhood was the centerpiece of a plan hatched more than 20 years ago to reinvent the area — to make it a robust, dynamic, 24/7 neighborhood, a place to work, live and play. In 2016, that vision is succeeding

9%

19%

*Figures may not add up to 100% due to rounding.

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5%

It is steeped in tradition, yet also thrives on innovation. It is a place of staying power and adaptability,

Education

Other Services

Professional Services — Other

26%

beyond anyone’s expectations. To cite one example, the area’s leasing activity demonstrates the swiftly changing mix of industries that now make up the private sector (see chart on opposite page).

The area’s new and powerful economic momentum — driven by an increasingly robust combination of new industries and the investment of billions of dollars in capital projects — has set the stage for even more remarkable progress in the years ahead.

TAMI (Technology, Advertising, Media, Information)

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SURGING AHEAD: LOWER MANHATTAN IS NOW AN EPICENTER OF NYC EMPLOYMENT Most of Lower Manhattan’s workforce — a total of 70 percent — lives in the city’s five boroughs (see the graphic on the right).

The next several years will usher in even more employment growth and economic activity in Lower Manhattan, according to a Downtown Alliance report released in 2015. “Surging Ahead: Lower Manhattan’s Economic Revival and What It Means for New York,” based on

Total BRONX Residents Employed in Lower Manhattan:

an analysis by Appleseed, Inc., anticipates the addition of up to 40,000 new private sector

22,830

payroll jobs to the district between the first quarter of 2015 and the fourth quarter of 2019.

This would transform Lower Manhattan’s once-lagging economy into a powerhouse that will generate substantial increased tax revenues for the city and state and, even more

Total QUEENS Residents Employed in Lower Manhattan:

Total MANHATTAN Residents Employed in Lower Manhattan:

51,218

73,954

importantly, provide new employment opportunities to New Yorkers from all backgrounds

Lower Manhattan

and those living in every neighborhood of

QUEENS

Total BROOKLYN Residents Employed in Lower Manhattan:

the city.

63,519

Total STATEN ISLAND Residents Employed in Lower Manhattan:

13,792

40,000 NEW JOBS OVER 5-YEAR PERIOD 267,069 Q4 2019

PRIVATE SECTOR PAYROLL EMPLOYMENT, 2001—2014, AND PROJECTED GROWTH THROUGH 2019

POST 9/11 236,737 Q4 2001

PEAK SINCE 2001

By the end of 2014, after a surge of business relocations and the opening of new retail and hotels, private sector payroll employment in Lower Manhattan hit a post-September 11th peak of 227,069 workers — up 14 percent from its low point in 2009. While the district’s post-recession employment trailed the city’s growth, 2014’s rise in employment signals strong growth ahead.

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GREAT RECESSION 199,491 Q4 2009

227,069 Q4 2014

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“What was once a neighborhood that was a little behind the rest of New York … has been reborn as a thriving, multipurpose, 24-hour neighborhood, a symbol for many people of a city’s post-9/11 rebirth, with the new tower an exclamation point on the idea.”

— Vogue

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OUR WORK:

ECONOMIC DEVELOPMENT By conducting rigorous market analysis, tracking

In addition to producing regular quarterly and

data shows an even stronger trend. To read the team’s

leasing activity, assisting prospective commercial

annual reports on the Lower Manhattan real estate

reports, go to: downtownny.com/research-statistics.

and retail tenants, surveying visitors to the district

market, the research staff created numerous original

and producing a series of incisive, original research

reports last year. Among them was “Surging Ahead:

reports on a variety of real estate and other trends,

Lower Manhattan’s Economic Revival and What It

the Alliance’s economic development team provides

Means for New York.” Based on an analysis by

a clear, up-to-date picture of Lower Manhattan’s

Appleseed, Inc., the report predicts major advances

economic health and encourages investment and

in Lower Manhattan’s economy over the next five

growth in the area.

years (see page 10 for more information).

The team analyzes real estate and economic trends

The research team also released an update to its

series called “Game On!,” the planning team helped

in Lower Manhattan on a quarterly basis. It monitors

“Brain Gain Report” on how the region’s shifting

bring more than 10,000 people to the Water Street

retail vacancies and maintains a list of available space

demographics continue to favor the Lower Manhattan

area. It also worked to fulfill the vision for the

on the Alliance website. Staff members work closely

business district. Previously released in 2012, the new

completion of Elizabeth H. Berger Plaza.

Economic development’s planning division helped to advance the revitalization of the Water Street corridor last year by working with city agencies on plans for a streetscape project and also by submitting an application for a zoning text amendment to enliven and improve arcades and plazas. By conducting a popular summer programming

with brokers to market Lower Manhattan as a retail and commercial destination. Every year, economic development staff meet with tenants considering relocating to Lower Manhattan and participate in REBNY (Real Estate Board of New York) meetings and roundtables. The Alliance is proud to be regarded as the go-to authority for information on Lower Manhattan. That information comes from the economic development’s meticulous research team, which regularly tracks key metrics for the area south of Chambers Street. These include development pipelines, private sector employment (which reached a post-9/11 peak in 2015) and tourism (which reached a record 14.2 million unique visitors in 2015).

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OUR WORK:

LOWER MANHATTAN HQ perspective. It is a place for forging new partnerships, where companies can come together to activate and accelerate their growth. LMHQ staff have organized

FOUNDING MEMBERS:

a rigorous programming schedule, which has included monthly women’s breakfasts (sponsored by Verizon), monthly happy hours, discussion series on disruptions in various industries and numerous “Future Of ” forums (focused on topics such as real estate, finance, radio, education and museums). The site has also hosted outside events, ranging from offsite meetings held by major companies to corporate town halls to nonprofit brainstorms.

In October, LMHQ premiered the Alliance’s new video “Down Is What’s Up” at a special event co-hosted by musician and local resident Questlove (who stars in the video) and Wired magazine. In collaboration with the Downtown Brooklyn Partnership, it hosted a special, day-long, two-part summit in December that featured numerous conversations on how Lower Manhattan and Downtown Brooklyn are, together, rebranding and redefining New York City’s “new Downtown.”

On July 1st, the economic development division of the Downtown Alliance unveiled a first-of-itskind endeavor — a collaboration and innovation hub located at 150 Broadway. The state-of-the-art, 12,500-square-foot facility, which provides a unique and affordable resource for Lower Manhattan’s growing tech and creative communities, has seen an enthusiastic response.

Supporting new ways to work and conduct business, LMHQ was designed as an annex to the traditional office space, with all the amenities employees need more of: conference rooms, event space, work and social space and a full-service coffee bar operated

available at LMHQ. Corporate members have included Architizer, NYC Economic Development Corporation and Per Scholas. Founding members include Pace University, Intersection, AREA Founder and entrepreneur David S. Rose, Annalect, Continental Advisors and Streeter Technologies. LMHQ has partnered with ConEdison to launch the “Bright Ideas Grant” program, which offers free meeting space to nonprofits.

The inspiring, modern facility has attracted significant media interest and has been featured in numerous outlets such as Forbes, The Commercial Observer, Fox 5 News and NY1.

by Tea People. It is helping to serve some of the

Since opening, LMHQ has held 35 curated events

more than 800 creative companies who already

attended by a total of over 3,000 people and has also

call Lower Manhattan home.

rented out space for nearly 100 additional events that

Not a co-working site, LMHQ is instead a space for collaborative team meetings and a dose of refreshed 16 | ADNY Annual Report 2015

Both individual and company memberships are

brought in nearly 6,000 people.

For more information, visit lmhq.nyc.

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“The best of Lower Manhattan is yet to come.”

— New York Post

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OUR WORK:

OPERATIONS In February 2016, the Alliance honored 11 public safety officers for particularly exceptional service.

Among the citations:

•• Officer Ronald Washington helped

secure emergency medical attention for someone who had lost consciousness.

•• Officers Jerry Marcus and Tenille Templeman helped a tourist get money back from a predatory vendor selling fraudulent tickets.

•• Officer Joseph Zapata sparked an NBC

4 New York news investigation into a hot-dog vendor over-charging the public.

•• Officers Nathaniel Turner and

Bernard Bonnaire helped break up and report an assault involving a Taser.

•• Supervisor Rosa Ellis — along with

officers Saidi Ali, Ivan Rivera, Brian Flowers and Juan Mora — alerted the NYPD to a suspicious package on the street and immediately secured the area until help arrived.

1 million residents, workers and tourists. Also last year, the sanitation crew maintained 10 parks and public spaces, tended to 148 planters and maintained 1,589 pieces of street furniture. It also oversaw the Alliance’s annual “Green Around” events — which help build an environmentally sustainable community — and helped execute the popular “Game On!” programming series, which drew an estimated 10,000 attendees to a series of four events along the Water Street corridor.

The Alliance’s free Downtown Connection bus service is operated by the operations division and served an estimated 635,000 riders in the last fiscal year. On November 15th, the Alliance unveiled a fleet of seven brand-new, state-of-the-art buses providing free service between the South Street Seaport and Battery Park City. The revamped Downtown Connection buses, whose bright red exteriors were designed by the Alliance’s very own Bathsheba Parker, make 37 stops at important destinations from river to river. The new buses include periphery seating for 22, also allow for standing riders and are all equipped with GPS technology.

Operations helped make history last year by supplying around two tons of confetti for the “Canyon of Heroes”

In 2015, the operations

Even people who know very little about the Alliance

crime rates in Lower Manhattan among the lowest

parade for the U.S. Women’s Soccer Team in July. It also

team … made 891,817

know about the “red coats.” The men and women who

in the city. They return misplaced cell phones, provide

provided supplemental security and sanitation services

comprise our operations team are the Alliance’s public

helpful advice and directions to residents and visitors

for the momentous occasion.

ambassadors, known and respected not only in Lower

alike and intervene when someone is in harm’s way.

public safety contacts…

Manhattan but throughout New York City. And no wonder. When litter hits the pavement, they sweep it

removed 148,866

up. When snow clogs the sidewalks, they remove it.

bags of trash … cleaned

when crisis strikes — whether a lost child, a crime or

up 1,603 incidents of graffiti.

When graffiti blemishes a building, they clean it up.

When people need assistance, they provide it. And a medical emergency — they are always there to help.

Every day, at 5 a.m., our 58 sanitation officers start serving the district. They empty 407 trash and recycling containers throughout Lower Manhattan (including 174 solar-powered BigBelly garbage receptacles).

The Alliance’s 60-member public safety crew works with the New York City Police Department to keep

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In its fifth year of partnership with Trinity Church and the Bowery Residents Committee, the Alliance operations team continued to provide homeless outreach services. During Fiscal Year 2015, officers helped make 5,800 contacts with homeless individuals, resulting in 47 housing and recovery program placements.

The operations division provides a range of other valuable services. Last year, public safety and information services staff operated three mobile informational kiosks and one fixed indoor kiosk, handed out more than 600,000 pieces of Alliance collateral and served nearly

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The communications division oversees the Alliance’s

were distributed to homes and businesses south of

free public WiFi program and significantly expanded

Chambers Street. The campaign in local and citywide

this service last year. The initiative, which began in

media was worth nearly 1 million impressions.

2003, now provides 3.7 million square feet of free coverage throughout Lower Manhattan and is one of the largest sources of free Internet access in New York City.

OUR WORK:

COMMUNICATIONS Lower Manhattan is at a crossroads, a pivotal time in

last year in building video and photographic assets.

its history — and it’s the job of the Downtown Alliance

We unveiled two series of videos attesting to Lower

communications team to capture this unique moment

Manhattan’s standing as the city’s top neighborhood

and to tell our district’s dramatic, evolving story.

offering unparalleled potential for growth and success

Part cheerleader, part champion, part storyteller, part organizer — the Alliance communications team creates a rich array of media, programs and activities to promote this multifaceted, growing neighborhood and to highlight all it has to offer. Last year, communications staff produced and oversaw the distribution of a wide range of collateral, including a print and digital

for companies across all sectors. The testimonials feature industry leaders in top companies — from media giants to innovative upstarts to boldface hospitality names. In addition to the individual testimonials, the

eos, features an improved and interactive map and is

To showcase Lower Manhattan’s thriving food scene

optimized for mobile devices. The site provides a

and promote local eateries, communications staff

vast array of information on news, events and deals;

organized the Alliance’s summer dining promotion

features regular posts on our blog; exhibits Alliance

campaign, #GetLow. Offering a 20 percent discount

original research reports; provides resources for lo-

at 32 restaurants throughout Lower Manhattan on

cal businesses; promotes new openings and cultural

Tuesdays between May 26th and September 1st, the

programming; spotlights seasonal promotional

program drew more than 2,000 participants and 3,500

campaigns, such as New York City Restaurant Week;

social media followers. In September, the Alliance also

links to various social media outlets; and publishes

brought back the wildly popular community tasting

photos and videos that capture the compelling and

event, Dine Around Downtown, that featured nearly

quirky character of life in Lower Manhattan. Our mo-

50 restaurants. Co-presented by Fosun International,

bile apps, which help residents, workers and visitors

the food fair took place at what is now called

alike figure out what to do and where to go in Lower

28 Liberty Plaza and attracted more than

Manhattan (and include a helpful link to our free

15,000 attendees.

Downtown Connection bus service), have surpassed

The Alliance’s eighth annual holiday campaign was

50,000 downloads since they were created.

created by the communications team to highlight

Working with the operations division, the communi-

Lower Manhattan businesses in print, digital and

cations division helped kick off our summer program-

social media and on BigBelly trash receptacles. As

ming series called “Game On!,” which drew more than

part of the campaign, more than 50,000 copies of the

10,000 people for a variety of activities and events in

Alliance’s 2015 Lower Manhattan Shop Dine Guide

Water Street’s public spaces.

attested to the district’s dynamic energy.

Our public affairs arm helped shape the conversa-

also debuted a new feature

tion on the neighborhood’s continuing evolution and

video, “Down Is What’s Up,”

the many opportunities that lay ahead. Our director

showcasing the neighbor-

of tourism markets Lower Manhattan to tourists the

hood’s powerful transfor-

world over, by — among other things — conducting

mation. The widely distrib-

special familiarization tours, developing incentive

uted video stars Questlove,

programming, hosting tourism roundtables and

musician, producer, tastemaker and resident of Lower

representing the district at international conferences.

Manhattan. In the 90-second piece, he communicates

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which now offers more eye-catching photos and vid-

includes a diverse mix of the many voices that have

In the fall of 2015, the team

strategies, the division made a major investment

redesign of the Alliance’s award-winning website,

Alliance released a feature compilation video, which

newsletter and more than 1 million guides and maps.

In an effort to advance our integrated marketing

The communications team also launched a major

the romance and majesty of the changes sweeping the area and invites viewers to visit his neighborhood and experience the area for themselves through a new lens.

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“Downtown has evolved from solely a center for banks and financial companies to an emerging shopping destination.”

— Wall Street Journal

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The Alliance for Downtown New York Financial Statements

STATEMENTS OF ACTIVITIES June 30, 2015

June 30, 2014

Support and Revenues Assessment Revenues Other Revenues

$15,900,000 3,916,449

$15,780,000 3,165,738

Total Revenues

19,816,449

18,945,738

3,716,212 4,918,120 4,687,053 2,273,333 2,254,837 436,924 1,641,970 21,776

3,699,667 4,960,936 3,204,491 2,336,673 2,032,649 452,972 1,729,669 21,776

19,950,225

18,438,833

(133,776)

506,905

Assets Cash and Cash Equivalents Accounts Receivable Investments Property and Equipment Other Assets

6,747,437 665,000 0 1,994,188 442,158

8,600,449 347,610 0 122,932 424,842

Total Assets

9,848,783

9,495,833

1,434,481 8,414,302

947,755 8,548,078

$9,848,783

$9,495,833

Expenses Public Safety Sanitation Promotion and Marketing Economic Development Transportation Social Services Management and General Fundraising Total Expenses Excess Revenues over Expenses

STATEMENTS OF FINANCIAL POSITION

Liabilities and Net Assets Liabilities Total Net Assets Total Liabilities and Net Assets

mounts are summarized from the audited financial statements provided by Skody Scot & Company, CPAs, dated October A 11, 2015.

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“Lower Manhattan’s economic growth will impact and benefit far beyond the district’s borders, into each of the five boroughs. Every neighborhood of New York City will benefit from employment opportunities south of Chambers Street.”

— Real Estate Weekly

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STAFF

BOARD OF DIRECTORS Alan M. Scott, Chair Deutsche Bank

Honorable Bill de Blasio

Mayor of the City of New York

Honorable Gale A. Brewer Manhattan Borough President

Jill Bright Condé Nast

Honorable Margaret S. Chin

Council Member, City of New York

Ric Clark

Brookfield Asset Management

Betty Cohen

Century 21 Department Stores

John V. Connorton

Hawkins Delafield & Wood LLP

Fern Cunningham The Nielsen Company

Robert R. Douglass

Milbank, Tweed, Hadley & McCloy LLP

K. Thomas Elghanayan TF Cornerstone Inc.

David V. Fowler

The Bank of New York Mellon

Rachelle Friedman

J&R Music and Computer World

Stephen J. Friedman Pace University

Robert J. Giuffra

Sullivan & Cromwell

Brett S. Greenberg Jack Resnick & Sons

Francis J. Greenburger

Thomas M. Hughes

Resident Representative

Shari C. Hyman

Battery Park City Authority

Richard T. Kennedy

Cushman & Wakefield, Inc.

Stephen Lefkowitz

Fried, Frank, Harris, Shriver & Jacobson LLP

John “Janno” N. Lieber

World Trade Center Properties LLC

Catherine McVay Hughes

Chair, Manhattan Community Board No. 1

Ross F. Moskowitz

Stroock & Stroock & Lavan LLP

Antonio Perez

Borough of Manhattan Community College

Edward V. Piccinich SL Green Realty Corp.

Seth Pinsky RXR Realty

Peter A. Poulakakos

Ahead Realty/HPH Hospitality Group

William C. Rudin

Rudin Management Company, Inc.

Frank J. Sciame

F.J. Sciame Construction Co., Inc.

Allan G. Sperling

Cleary, Gottlieb, Steen & Hamilton

Honorable Scott M. Stringer Comptroller, City of New York

Kent M. Swig

Swig Equities, LLC

Matthew Van Buren CBRE Group, Inc.

Time Equities, Inc.

Erik Horvat

Fosun Property Holdings

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Jessica Lappin, President

STAFF

Daniel Ackerman Alison Baumann Adam Bernstein William Bernstein Denise Blackwell Charles Bove Renee Braunstein Andrew Breslau Tracy Candido Nancy Cascella Mary Clifford Sarita Dan Ron Dizon Edward Drivick Thomas Dunn Arlene Egan Margarita Fernando Adam Fifield Teresa Figario Frank Futia Daniel Giacomazza Jeannie Gonzalez Jarrod Grim Hans Guillaume Shadendra Harris Dave Harvin Sean Hayes Carl Homward Jamel Homward Eddie Hudson Alice Itty Dwayne Jacobs Rebecca Jimenez Ron Kearney Michael Ketring Joseph Lanaro Jessica Lappin Nicole LaRusso Joseph Maggio Alexandra Montalbano Joshua Nachowitz Lauren O’Toole Bathsheba Parker Roe Pernice Taina Prado Craig Raia Jason Rivera Anthony Rivetti Christine Sapienza Jeremy Schneider Richard Serrano Fred Sham Daria Siegel Maria Tirado-Quinones Anna Umansky Ron Wolfgang Jane Wolterding

INFORMATION SOURCES: The Alliance for Downtown New York, Inc. Appleseed, Inc. Appleseed, Inc. report: “Economic Growth and Opportunity: Building New York City’s Future in Lower Manhattan” Audience Research & Analysis Jones Lang LaSalle National September 11 Memorial Museum One World Observatory Quarterly Census of Employment and Wages (New York State Department of Labor)

IMAGE CREDITS: Andrew Bordwin (bordwin.com) - Cover, 1, 2, 3, 6, 13, 19, 25, 26, 29, Back Inside Cover, Back Page Junichi Ito - 20 Courtesy of Silverstein Properties, Inc. – 11 Ben Stone – 16 Pete Thompson – 4, 8, 9, 14, 15, 21 Mark Weinberg – 8, 9 Joe Woolhead – 11

WRITING & EDITING: Andrew Breslau & Adam Fifield – the Alliance for Downtown New York, Inc.

ART DIRECTION & DESIGN: Bathsheba Parker – the Alliance for Downtown New York, Inc.

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“Lower Manhattan’s burgeoning development is driving economic growth at a rate that is outpacing the rest of New York City.”

— Commercial Observer

Alliance for Downtown New York, Inc. 120 Broadway, Suite 3340 New York, New York 10271 The mission of the Alliance for Downtown New York is to provide service, advocacy, research and information to advance Lower Manhattan as a global model of a 21st Century Central Business District for businesses, residents and visitors.

www.DowntownNY.com