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Downtown Resi Growth Continues Apace; Construction Follows Suit

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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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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