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LOWER MANHATTAN REAL ESTATE MARKET REPORT
Lower Manhattan Real Estate Market Report | Q3 2020
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LOWER MANHATTAN REAL ESTATE MARKET REPORT Leasing Activity Continues To Sink As Pandemic Lingers And Economic Uncertainty Persists
Lower Manhattan Annual New Leasing Activity, 2015-2020 Source: CBRE
The COVID-19 pandemic continues to push the world into unprecedented public health and economic crises. New York City emerged as the epicenter of the pandemic in the second quarter, with lockdowns keeping all but essential workers at home. Government and business leaders in the City have maintained a cautious approach to resuming normal business activity. Though some business restrictions were eased and cases remained low into early fall, economic activity was still limited and the Manhattan core saw continued low levels of daily commercial activity. According to CBRE, the third quarter saw Lower Manhattan offi ce leasing reach an all-time record low, as leasing continued to slow further to just 455,000 sq. ft. Leasing activity was down 12% from the second quarter and 64% below the fi ve-year quarterly average as real estate decisions were put on hold. Real estate decision-making was further infl uenced by offi ce workers’ slow and limited return to the physical offi ce (either by employer mandate or personal preference). Additional fi gures from CBRE revealed that only 11% of office-occupying workers in Manhattan returned to their desks through September with the majority primarily opting to continue working remotely. Midtown Manhattan saw 2.01 million sq. ft. of leasing activity in the third quarter, a big boost from the previous quarter due to a 740,000 sq. ft. commitment from Facebook at the Farley Building; however, the market is still 51% behind the fi ve-year quarterly average.
455,000 SQ. FT. of new leasing in the third quarter —
a record low — 12% down from the previous quarter and 64% below fiveyear quarterly average
Lower Manhattan Real Estate Market Report | Q3 2020
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Midtown South leasing activity saw its lowest quarterly total on record, dropping 70% from the previous quarter to 104,000 sq. ft. — 92% below the five-year quarterly average. The previous low record was in Q1 2009 during the Great Recession when 261,000 sq. ft. was leased. Only 19 new or expansion leases occurred during the third quarter in Midtown South, all of which were leases less than 25,000 sq. ft.
American International Group (AIG) signed the largest lease of the quarter. The finance and insurance company signed a 217,638 sq. ft. lease at 28 Liberty Street. 28 Liberty Street is now 96% leased. Unlike recent trends marked by firms consolidating office locations, AIG will now have approximately 800,000 sq. ft spread across three major office buildings in the metro area. While the firm is maintaining a footprint in Lower Manhattan, AIG’s headquarters will move from 175 Water Street to 325,000 sq. ft. at 1271 Avenue of the Americas in Midtown; another 220,000 sq. ft. office will open at 30 Hudson Street in Jersey City. The three moves are expected to occur in 2021. AIG occupied approximately 1.1 million sq. ft. across Lower Manhattan, including nearly 700,000 sq. ft. at 175 Water Street. MetroLoft purchased 175 Water Street in late 2019 and will upgrade the office building with an extensive facelift and overhaul. Other transactions include the New York State Legislative Task Force’s 88,688 sq. ft. renewal at 250 Broadway. Topps’, a collectibles company, signed a 70,635 sq. ft. two-year renewal at One Whitehall Street. Notably, Remarkable Foods, a food tech startup, signed a 68,673 sq. ft. lease at 4 World Trade Center, moving from WeWork’s 115 Broadway location.
Lower Manhattan Real Estate Market Report | Q3 2020
MAJOR PROJECTS UPDATE
Lower Manhattan Top Leases, Q3 2020 Source: Downtown Alliance, CBRE, JLL, Colliers, Newmark Knight Frank, CoStar
Tenant Name
SF Leased Transaction
American International Group (AIG)
217,638
Location
1
28 Liberty Street
Limited But Notable Recommitments To Lower Manhattan The overwhelming majority of finalized leases were from tenants who already had a presence in Lower Manhattan, either renewing in their current locations or moving within the neighborhood. Renewals and moves within Lower Manhattan accounted for nearly 80% of leases (by sq. ft.) in the third quarter. FIRE (Finance, Insurance and Real Estate) tenants drove the largest share of overall leasing in the third quarter, accounting for nearly 43% of executed deals.
RESIDENTIAL
Move Within Lower Manhattan
Sector
FIRE
New York State Legislative Task Force
88,688
3
The Topps Company
70,635
68,673
4
Remarkable Foods
Capco
48,700
Network Capital Funding Corporation
20,464
FIRE
Fuse FX
15,072
TAMI, Media
Nathan Cummings Foundation
13,751
Nonprofit
2
Renewal
Government
250 Broadway
5
6
One Whitehall Street
4 WTC
77 Water Street
Renewal
Move Within Lower Manhattan
Renewal
Renewal
Other, Manufacturing
Retail Trade Prof. Services, Managment Consulting
One WTC
7
8
32 Old Slip
Relocation
Relocation
120 Wall Street
9
10
INVNT
100 Greenwich Street
13,640
Relocation
Stoneturn Group 13,100
17 State Street
Renewal
TAMI, Advertising Prof. Services, Managment Consulting
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Relocations to the district, typically a large driver of leasing in the Downtown market, dropped sharply. Only five tenants (totaling just over 59,000 sq. ft.) announced plans to move to Lower Manhattan, primarily from Midtown South. Fuse FX, a media group, signed a 15,072 sq. ft. lease at 32 Old Slip and Nathan Cummings Foundation, a social justice nonprofit, inked a 13,751 sq. ft. lease at 120 Wall Street. INVNT Group, an advertising agency, signed a 13,640 sq. ft. lease at 101 Greenwich Street and RAL Companies, a real estate developer, inked a 10,986 sq. ft. deal at 55 Broadway.
Subleased Space Continues To Enter The Lower Manhattan Market The lack of leasing continued to amplify the impact of the new availabilities. According to CBRE, subleased space currently represents 28% of all available space in Lower Manhattan, up significantly from year-end 2016 when sublease space was only 12%. There is currently 3.57 million sq. ft. of sublease space in the Downtown Market — a 43% increase from March 2020. Most of the sublease additions were in the mid-sized range (50,000-99,999 sq. ft.); no blocks of sublease space larger than 100,000 sq. ft. were added to the market. Significant and notable additions to the Lower Manhattan market include:
• 330,350 sq. ft. at One Liberty Plaza; • 192,640 sq. ft. at 55 Water Street; • 152,145 sq. ft. at One World Trade Center, including 75,000 sq. ft. from Moody’s and 51,000 sq. ft. from DAZN Group;
• 50,000 sq. ft. at 4 New York Plaza when the New York
Daily News decided to permanently close its newsroom. The local newspaper will still remain in print and employees will continue to work remotely; and
• 24,000 sq. ft. at 140 Broadway as CBRE announced
plans to downsize its Lower Manhattan office and move to flexible space provider, Hana, at 3 World Trade Center later this year (Hana is a subsidiary of CBRE).
Lower Manhattan Real Estate Market Report | Q3 2020
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Vacancy Rates And Asking Rents Hold Relatively Steady For Now According to Cushman & Wakefield, Lower Manhattan’s overall vacancy rate rose from 11.7% to 12.1% over the past quarter. This is the highest vacancy since January 2014. Across office-class types in Lower Manhattan, Class A vacancy spiked from 12.3% in the second quarter to 13% by the end of September as over 700,000 sq. ft. of Class A space became available for sublet. Class B office vacancies slightly decreased over the quarter to 11.4%. The picture uptown was more grim. Midtown and Midtown South saw large vacancy increases, which are attributed to limited leasing activity and heavy volume of direct and sublease spaces being put on the market. Midtown’s overall vacancy rate increased to 14.3% — the highest since 1994. Class A and B office vacancies in Midtown rose dramatically to 13.6% and 17%, respectively. Midtown South’s overall vacancy increased two percentage points to 11.1%. Class A and B office vacancies in Midtown South rose dramatically to 9.2% and 12.9%, respectively. Vacant sublease space in Midtown South reached its highest levels on record.
12.1%
Lower Manhattan Overall Office Vacancy
13.0%
Lower Manhattan Class A Office Vacancy
43%
Increase In Lower Manhattan Sublease Space Since March 2020
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Overall Vacancy Rates By Submarket
Overall Asking Rents By Submarket
Source: Cushman & Wakefield
Source: Cushman & Wakefield 14.3% $78.00 12.1% 11.1% $73.05
$62.07
According to Cushman & Wakefield, Lower Manhattan’s overall average asking rent fell by 1.5% to $62.07 per sq. ft as 927,000 sq. ft. of sublease supply was added to the market. Sublease asking rents dropped over $3 to $55.74 per sq. ft., as lower-priced space was added at One World Trade Center and 17 Battery Place South. Class A asking rents fell by 2%, to $65.74 per sq. ft., while Class B average asking rents fell by 1.2% to $56.90. Overall office rents in Midtown increased 2% to $78, while Class A asking rents increased nearly 3% over the past quarter to $85.29, as higher priced space at One Vanderbilt Avenue became available. Midtown South’s overall asking rents fell 3.5% to $73.05 per sq. ft. (and over 10% from then-record pricing seen in Q3 2019). Class A rents in Midtown South dropped nearly 5% to $90.39 (2019 saw Class A rents averaging just shy of $100 per sq. ft.). The decline in asking rents in Midtown South was triggered by a dearth of lower-priced sublease and direct spaces, as landlords faced growing vacancies.
Lower Manhattan Real Estate Market Report | Q3 2020
Though asking rents are often a lagging indicator of the office market’s health, Lower Manhattan still maintains considerable differences in pricing compared to Midtown and Midtown South. Pricing in downtown office buildings has, so far, shown more steadiness compared to the other Manhattan submarkets. As tenants become increasingly price-sensitive, they could become more aware of the value proposition offered in Lower Manhattan office towers.
$62.07
Lower Manhattan Overall Office Asking Rent
$65.74
Lower Manhattan Class A Office Asking Rent
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Lower Manhattan Employees Slow To Return To Office The return to work has been a mixed bag and has left many businesses, large and small, struggling to adjust to the seismic shifts in typical city rhythms and consumer patterns. According to CBRE, only 10% of Manhattan office workers had returned by September 18. The New York suburbs are seeing about 32% reoccupation of offices; nationally, about 25%, on average, have returned to work. Among large financial employers in Lower Manhattan, the picture is mixed: Goldman Sachs began allowing employers to return on rotational shifts, American Express is not requiring a return till summer 2021 and Deutsche Bank employees can continue to work remotely until their new HQ opens in Columbus Circle next summer. In mid-October, Mayor de Blasio announced his intention to bring back 25% of City employees by year’s end. The Downtown Alliance partnered with research firm SIS Research International to conduct a consumer sentiment survey of Lower Manhattan office workers to assess their return-to-work status. The survey, conducted between midAugust and mid-September, reached over 1,000 office workers who worked at least 3-4 days per week pre-pandemic in Lower Manhattan. Key findings:
• 90% of office workers still have the option to telecommute or work from home;
Lower Manhattan Real Estate Market Report | Q3 2020
• 50% of all employees surveyed received information from their employers about when part or all staff would be required to return to work, either full or part-time;
• 57% of office workers have not returned to their physical office yet. About half were not allowed to return by their employer and the other half were allowed to return, but chose not to yet;
•
T hose who chose not to return indicated that a preference for working remotely (32%) and concerns about public transportation (30%) were motivating factors in continuing to work from home.
•
mong the 43% who have returned to the office, nearly A one-quarter have returned five days a week, while the majority (58%) report only coming into the office three days or fewer per week.
• Among those who have returned to the office, over half
reported to have changed their transportation method to commute.
•
T ransportation methods like private cars and taxis/ rideshares, which allow for avoiding crowded spaces, have benefitted the most from the post-pandemic environment, seeing a 21% increase in preference
•
ubway/PATH commutes were hit the most, with a 30% S drop in usage among employees who have returned to work. 6
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COVID-19 Impacts On Lower Manhattan’s Retail Market The COVID-19 pandemic rapidly and radically altered Lower Manhattan’s retail landscape and will continue to do so. Approximately 23% of the 1,140 shops, restaurants, bars and services in Lower Manhattan stayed open during the initial shutdown that began on March 20. These 260-plus locations were businesses deemed “essential” (pharmacies, hardware stores, groceries, restaurants or eateries that offered takeout or delivery) by New York State. By October 2020, 800 retailers, totaling approximately 70%, reopened. This does not factor in the retailers that have permanently closed. The New York City Department of Transportation’s Open Restaurants and Open Streets: Restaurants programs which began at the end of June, allow individual restaurants to expand outdoor seating to sidewalks and curb lanes. Approximately 140 Lower Manhattan eateries are participating in these programs. The Downtown Alliance is staffing three Open Streets on Pearl Street, Pine Street and Ann Street. In late September 2020, the City announced that its Open Streets program will be extended year-round and made permanent. Restaurants are now also permitted to use heating and enclosures, and expand seating to adjacent properties with neighbors’ consent. Indoor dining became permissible at the end of September, albeit at 25% occupancy. In late October, the City also announced the Open Storefronts program to assist existing ground-floor storefront businesses who want to use outdoor areas on a temporary basis, allowing eligible businesses to conduct activity on sidewalks, on roadways in the Open Streets: Restaurants program, or a combination of both.
95 25
Retailers to Close in Lower Manhattan Since The Pandemic Began Retailers to Open in Lower Manhattan Since The Pandemic Began
Lower Manhattan Real Estate Market Report | Q3 2020
Despite the current crises, 25 retailers opened in the past few months. Still, 95 retailers have closed since the beginning of the pandemic. The number of permanent closures between March and October 2020 were on par with the total closures that occurred in all of 2019. Sadly, several long standing businesses, both large and small, announced permanent closures. They include: • Century 21 at 22 Cortlandt Street: The iconic department store was an institution in Lower Manhattan and New York City. The store was forced into bankruptcy due to its insurers’ refusal to pay business interruption claims related to the COVID-19 pandemic. The downtown flagship store had been in operation since 1971 and became a symbol of recovery when the store reopened five months after the September 11 attacks.
• Amish Market at 53 Park Place: The grocery and
prepared-foods store relocated to its Tribeca location after its original location on Cedar Street was destroyed on 9/11. During Hurricane Sandy, the store used its generator to give power to local residents to charge their cell phones
• Modell’s Sporting Goods at 150 Broadway and 55
Chambers Street: The northeastern retail chain with two Lower Manhattan locations announced bankruptcy and liquidation back in March. The family-owned business was founded by a Hungarian immigrant in 1889 as a small general store on Cortlandt Street.
• Antonella’s Barber Shop at 8 Beekman Street:
The barbershop had been in operation next to City Hall for 35 years, serving several mayors, police commissioners and local politicians. Even before Antonella’s, the address was always home to a barbershop, serving New York City mayors as far back as Fiorello LaGuardia.
• Financier Patisserie at 35 Cedar Street and 62 Stone
Street: The Poulakakos family opened the French pastry shop and cafe in early 2002.
• Blue Ribbon Federal Grill at 84 William Street: The bistro opened in 2017 at the base of the AKA Wall Street hotel, which also closed this past summer.
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COVID-19 Impacts On Lower Manhattan’s Hotel And Tourism Market The hotel industry has been severely impacted by the national and global travel restrictions implemented to battle COVID-19. Hotel visitation began to steadily decrease in early March. Sixteen of Lower Manhattan’s 37 hotels have remained open throughout the pandemic, while the remaining hotels temporarily closed their doors. Currently, 24 hotels in Lower Manhattan are open to receive guests. Many hotels that closed earlier in the year reopened by late summer, albeit largely at limited capacity. Late in September, the de Blasio administration announced that the Radisson Wall Street hotel would be used as a temporary homeless shelter to relocate the men from the Lucerne Hotel on the Upper West Side. The city also announced its intention to eventually convert this hotel into a permanent shelter with a different provider and set of clients. A judge issued a Temporary Restraining Order in October against the move from the Lucerne, halting the city’s plan to move the men for now. The next court date in the processings has been scheduled for November 16, 2020. Overwhelming headwinds have already led to three permanent hotel closures in Lower Manhattan. The AKA Wall Street, a 140-room, extended stay hotel at 84 William Street, closed its doors in June. Other permanent hotel closures in Lower Manhattan include: The Assemblage at 17 John Street (79 rooms) and the W Downtown at 123 Washington Street (217 rooms). Hotel performance metrics continue to struggle due to ongoing travel restrictions and are anticipated to underperform for quite awhile. Average hotel occupancy and room rates in Lower Manhattan have often followed similar citywide trends. According to NYC & Company and STR, hotel occupancy in New York City stayed in the high30%-range throughout the summer. These occupancy rates are still incredibly low, down approximately 60% year-over-year. Weekday stays were incredibly down due to limited business travel, while weekend stays were a bright spot as some considered local trips or staycations. Average daily room rates have hovered around $130 throughout, also down over 50% year-over-year.
Lower Manhattan Real Estate Market Report | Q3 2020
Several museums and attractions reopened over the summer. The 9/11 Memorial Plaza welcomed visitors in early July, while the Museum reopened to the public on September 12. Governors Island, Ellis Island and Liberty Island reopened in mid-July. Indoor museums were allowed to reopen on August 24, per New York State guidelines. The South Street Museum reopened the historic Wavertree ship to public visitors in early September, while The Museum of Jewish Heritage reopened on September 13. One World Observatory announced it will reopen beginning November 1, only operating on the weekends.
New York City Reopening Timeline Phase
NYC Timeline
Businesses Allowed to Reopen*
Phase 1
6/8/2020
construction, non-essential businesses for pickup or curbside outdoor dining, salons and barbers,
Phase 6/22/2020 real estate showings, offices, in2 store shopping (not malls) Phase 3
7/6/2020
spas and nail salons
Phase low risk outdoor arts and 7/20/2020 entertainment 4 Phase 5.1
9/2/2020
gyms (not individual fitness boutiques)
Phase 5.2
9/9/2020
indoor malls
Phase 9/30/2020 indoor dining (25% occupancy) 5.3 * This list of businesses allowed to reopen is illustrative, not exhaustive. Please refer to official New York State guidance.
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Inventory And Development
Lower Manhattan has 33,380 units in 339 mixed-use and residential buildings. There are approximately 2,650 units in 15 buildings under construction or planned for development, with about 39% of units currently under construction planned as rentals and 61% as condos. Two buildings, both condominium developments, opened in the third quarter. They include:
• 25 Park Row, the new condominium tower by L&M
Development, received a temporary certificate of occupancy in September. The last residential temporary certificate of occupancy (TCO) is expected this fall. The 50-story tower includes 110 condo units and 53,000 sq. ft. of commercial space at the base.
• 30 Warren Street, a 23-unit condo building by Cape Advisors, received its certificate of occupancy in September. 30 Warren also includes 6,000 sq. ft. of retail.
Three notable advancements occurred in the residential development pipeline during the third quarter:
the site. 7 Platt Street will also include a 172-room boutique hotel component designed by Fogarty Finger Architects.
• Pink Stone Capital, which owns a development
site at 111 Washington Street, began seeking a buyer or a joint venture partner to begin developing the land. Previous plans for the site called for the construction of a 54-story, 429-unit rental building, but development stalled due to now-resolved litigation.
• SL Green Realty began looking to sell its nearly
finished residential development at 185 Broadway. The tower topped out this summer and construction is scheduled for completion next summer. When completed, the 31-story, mixed-use building will have 209 residential units, including 63 units set aside for affordable housing, as well as 41,000 sq. ft. of office space and nearly 10,000 sq. ft. of retail. The property used air rights purchased from the MTA (Fulton Center) and has a 35-year tax abatement under the state’s Affordable New York Housing program.
• Demolition was completed in August at 7 Platt Street
(formerly known as 102-108 John Street). The Moinian Group is planning a 35-story, 250-unit rental tower on
30 Warren Street
Lower Manhattan Real Estate Market Report | Q3 2020
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Residential Sales And Rental Market Sales activity rebounded sharply after the second quarter’s pandemic-related shutdown. In the third quarter, the median sales price for condos and co-ops increased substantially to $2,052,500 — 82% higher than the previous quarter and 120% higher than one year ago. This was only the second time the $2 million threshold has been crossed in Lower Manhattan — the last time was Q2 2017. By comparison, median sales across Manhattan were $1.1 million. Likewise, the number of sales in Lower Manhattan nearly doubled over the previous quarter. Lower Manhattan’s average price per square foot (PPSF) of $1,771 saw a 9% increase over the past quarter and a year-over-year increase of 43%.
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Lower Manhattan Residential Pipeline Source: Downtown Alliance
Address Condo + Rental Units Under Construction
Lease / Building Type
Units
Total
1.888
Open Date
1
33 Park Row
Condo New Construction
31
2020
2
77 Greenwich Street
Condo New Construction
90
2020
3
130 William Street
Condo New Construction
244
2020
The dramatic upswing in Lower Manhattan’s sales pricing can be attributed to new luxury properties, particularly 25 Park Row, where several closed sales skewed figures higher. The market share of sales by size has also shifted, with buyers evaluating prolonged remote work environments. For instance, year-over-year, there was a sharp decrease in studio sales, with more sales in two-bedroom units.
4
161 Maiden Lane
Condo New Construction
80
2021
5
45 Park Place
Condo New Construction
50
2021
6
125 Greenwich Street
Condo New Construction
273
2021
Conversely, the median rent in Lower Manhattan fell for the fourth consecutive quarter to $3,568, a 6.4% decrease from the previous quarter and a nearly 11% decrease from last year. The last time median rents were this low was in Q2 2017 ($3,581), when a large amount of new rental supply entered the market. Meanwhile, Manhattan’s overall median rent was $3,300, down nearly 5.6% from the past quarter. The citywide fall in rents can be seen most acutely at the higher end of the market, which makes up much of Lower Manhattan’s rental inventory. Prices have fallen for higher-priced apartments due to a mix of high supply, instability in the labor market and a pandemic-induced decline in population. Many young professionals and college students, who often drive seasonal leasing patterns, left earlier in the year and are reevaluating their living situations. Others either continue to leave the city, seek more flexible arrangements in the sublet market, or are staying put in their current homes.
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185 Broadway
Rental New Construction
209
2021
8
2 Washington Street
Rental Conversion
345
2021
9
One Wall Street New Construction
566
2022
Condo
Condo + Rental Units In Development
Total
765
1
45 Broad Street Condo
206
TBD
2
265 Broadway
Hotel/Condo New Construction
37
TBD
3
75-83 Nassau Street
Rental New Construction
229
TBD
4
7 Platt Street
Rental New Construction
250
TBD
5
1 Park Row
Condo New Construction
19
TBD
6
69 West Broadway
Condo New Construction
24
TBD
New Construction
TOTAL UNITS IN THE PIPELINE
130 William Street
Lower Manhattan Real Estate Market Report | Q3 2020
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MAJOR PROJECTS UPDATE 107 Greenwich Street
Street Reconstruction
Construction completed on Trinity Real Estate’s 107 Greenwich Street (aka 76 Trinity Place), a new 26-story, 310,000 sq. ft. office building. The bottom five floors, known as Trinity Commons, will open for community use next year, while floors 6-12 are occupied for Trinity Church’s offices. Trinity took occupancy in November 2019. There is 130,000 sq. ft. available for commercial office leasing on 12 floors, which will include a full-floor tenant amenity space with conferencing and a terrace.
Reconstruction of Warren Street (from Broadway to West Street) was completed in June 2020, and John Street (from Broadway to William Street) was completed in July 2020. Reconstruction of Front Street between Old Slip and John Street began in January 2020 and is scheduled for completion in Summer 2022. Planning has begun on the reconstruction of Nassau Street between Pine Street and Maiden Lane; though a construction start date is still being determined, the City aims for a late 2023 completion. These projects will replace all underground infrastructure, including water mains, sewers, electric, gas and other utilities, as well as construct new streets and curbs.
Pace University Pace began demolition on the buildings at 126-132 Nassau Street and 15 Beekman Street. The new SL Greenconstructed 215,000-sq.-ft. tower will feature a residence hall, dining facility, library and academic and classroom spaces. Construction on the new tower will start in January 2021, with occupancy planned for fall 2023. Once the new building is complete, Pace will sell development rights on One Place Plaza and will deconstruct One Place Plaza East, including Maria’s Tower.
World Trade Center Construction resumed on the new St. Nicholas Greek Orthodox Church. The church anticipates to be complete for the 20th anniversary of the 9/11 attacks. Construction on the Ronald O. Perelman Performing Arts Center topped out. The venue anticipates a 2022 completion.
Water Street Streetscape Project The City anticipates beginning work on the streetscape and public-realm enhancement project along the Water Street corridor. The $22.8 million project will transform two temporary public plazas at Coenties Slip and Whitehall Street into permanent public spaces, featuring new landscaping, seating and concessions. The project will also plant street trees, rebuild sidewalks and enhance pedestrian safety from Whitehall Street to Old Slip.
107 Greenwich Street
Lower Manhattan Real Estate Market Report | Q3 2020
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Photo by Michael Young via New York Yimby
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downtownny.com/research-statistics Lower Manhattan Real Estate Market Report | Q3 2020
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