OFFICE
RETAIL
HOTELS + TOURISM
RESIDENTIAL
• 7 Dey Street: developed by SL Green, the 31-story,
209 rental unit tower includes 63 affordable units. The tower will have 48,000 sq. ft. of retail and commercial office space, including a One Medical office; and
• One Wall Street: Macklowe Properties is finalizing
construction on the conversion of the landmarked office tower into 566 condominiums. The building will offer 157,000 sq. ft. of retail, including a 44,000-sq.-ft. Whole Foods and 74,000-sq.-ft. Lifetime Fitness, both expected to open in late 2022.
Several key residential developments progressed forward with notable milestones this past year:
Source: Downtown Alliance
Address Condo + Rental Units Under Construction
• 7 Platt Street:
Foundation work began on Moinian’s 38-story, 250 rental unit tower. The existing five story structure was demolished last year.
• One Park Row: Demolition is continuing of the
existing structure at One Park Row. Circle F Capital is developing a 23-story, 103,000-sq.-ft. tower with 58 condos. The building will also include 19,000 sq. ft. of commercial space.
Lower Manhattan Real Estate Market Report | Q1 2022
Lease / Building Type
Units
Total
1,506
Rental New Construction
1
7 Dey Street
2
One Wall Street New Construction
3
86 Warren Street
4
Open Date
209
2022
566
2022
Condo New Construction
12
2023
1 Park Row
Condo New Construction
58
2023
5
7 Platt Street
Rental New Construction
250
2025
6
8 Carlisle Street
Rental New Construction
400
2025
7
160 Water Street
Rental Conversion
586
2025
8
250 Water Street
Rental New Construction
270
TBD
9
161 Maiden Lane
Condo New Construction
80
TBD
10 45 Park Place
Condo New Construction
50
TBD
11 125 Greenwich Street
Condo New Construction
273
TBD
Liberty 12 130 Street
Rental New Construction
1,325
2028
• 160 Water Street: Vanbarton Group filed plans and
began construction to convert the 24 story, 482,000 sq. ft. office building into a 586-unit market rate rental building. Vanbarton partnered with Metro Loft to convert a similar building at 180 Water Street in 2017. The conversion plan calls for the addition of five new floors and the building will be reclad with glass curtain walls. Construction is scheduled for completion by late 2025 and
MAJOR PROJECTS UPDATE
Lower Manhattan Residential Pipeline
Inventory and Development Lower Manhattan has 33,650 units in 342 residential buildings. There are 4,575 units in 16 buildings under construction or planned for development, with about 71% currently planned as rental units and 29% as condos. In 2022, construction is expected to wrap up on 775 units across two buildings:
RESIDENTIAL
Condo
TOTAL UNITS IN THE PIPELINE
4,575
10