What We Heard: The Future of Downtown Manhattan

RDM was in attendance at Bisnow’s 3rd Annual Future of Downtown Manhattan event, which brought together the professionals working behind the scenes to reshape the landscape of downtown Manhattan.

The speaking panel included professionals from Silverstein Properties, Savanna, The Durst Organization, CBRE, Brookfield Office Properties, Douglas Elliman Real Estate, The Howard Huges Corporation and The Albanese Organization.

These are the nuggets of info we heard:

- Steven Spinola (REBNY President) - Lower Manhattan's future is once again bright and exciting.
- Nicole LaRusso (Downtown Alliance) says optimism is at an all-time high with new residential, office, retail, park space, etc.

Trends
- Marty Burger (Silverstein) - We'll continue to see old office stock in lower Manhattan converted to residential.
- Christopher Schlank (Savanna) - There will be pricing pressure for office tenants in a couple years in lower Manhattan.
- Schlank says 74% of leasing in '13 has been for spaces 25,000sf and less in Manhattan.
- Office rents are higher West of Broadway in lower Manhattan.
- Christopher Albanese (Albanese) - The accessibility of lower Manhattan is a draw for people who don't work in LM yet choose the area to live.  It wasn't like this in the past.
- Leonard Steinberg (Elliman) has seen LM grow into a humanly scaled neighborhood.
Incentives: 421G and Liberty Bonds has led to residential growth in LM.
- Edward Hogan (Brookfield) – Lower Manhattan is the hotspot for retail in Manhattan.  It is becoming a world class retail location.
- Christopher Curry (Hughes) says new building being constructed at Pier 17 will have 40,000sf roof deck, nothing like in Manhattan.
- When Conde Nast moved from Midtown to lower Manhattan, it was a game changer.
- The next step will be to connect all the pieces of LM.

The Next Mayor
- Landlords are nervous about what will come with NYC’s next mayor
- Access to good schools is still lacking in Lower Manhattan - this will be a challenge for incoming mayor Bill DeBlasio.
- Allen Gross (GFI) - DeBlasio should continue tax credits in order to continue transformation in lower Manhattan.

Getting Around
- Adam Foster (CBRE) – Lower Manhattan has best transport access in NYC.
- Steinberg - A draw to living in LM is cutting your commute; 30 min saved per day brings 9 additional days of vacation per year.
- Many tenants are now asking for bike storage rooms.

The World Trade Center
- World Trade Center is returning a better street grid to Manhattan.
- Robert Becker (Durst) – There is no limit to how you build space in the World Trade Center, however people really need to see a finished space to make decisions.

Tech
- Lower Manhattan boasts the most advanced fiber broadband network in the country.
- Downtown Alliance has a new program, called Launch LM, to promote tech growth in the area.

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State of the Market Recap (part 2)

We continue our recap of Bisnow’s 4th Annual New York State of the Market, with the investment panel; which included Bill Macklowe (CEO – William Macklowe Company), Chris Schlank (Managing Partner – Savanna), Anthony Westreich (CEO – Monday Properties), Roy Lapidus (President – L&L Holding), and Leslie Himmel (Partner – Himmel + Meringoff Properties). Of the two panels at the event, this was arguably the most exciting. These were some the topics that were discussed:

- Historically low interest rates won’t last forever
- L&L Holding is focused on the tenant experience to gain/hold tenants
- The “Google effect” has altered the way space now is configured
- There’s presently a constraint on the supply of capital in NYC
- NYC is experiencing a flat office leasing market
- NYC needs to do something with its old building stock to remain competitive
- Savanna isn’t focused on the election and doesn’t think the outcome will have an effect on its strategy
- There’s also concern about the change in office for mayor in NYC

RDM is a leading provider of services and software for the real estate industry. For more information, visit our website at www.rdm1.com.

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RDM Floor Plans Support Lease at 80 Broad

RDM’s Marketing Floor Plans support Newmark Knight Frank and Savanna with recent leasing activity at 80 Broad.

April 11, 2012 - CoStar Group: Forte Capital Group leased 10,225 square feet at 80 Broad Street in New York City. Occupancy is scheduled for July.

80 Broad Street is a 36-story, 410,000-square-foot office building constructed in 1930 in the Financial District, and renovated in 2007.

Forte Capital Group is a securities trading firm which trades U.S. Government treasuries and agencies, corporate high grade to distressed debt, convertible bonds, preferreds, municipal bonds and sovereign and emerging debt.

Hank Walker and Joel Weinberg of UGL Services Equis Operations Company represented the tenant. Hal Stein, Adam Leshowitz and Todd Stracci of Newmark Knight Frank represented the landlord, Savanna.
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Post originally by Carol T. Peterson for CoStar.com.

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What Our Clients Say: Cooper Kramer

Cooper Kramer, Vice President of Savanna says:

“RDM’s initial building space analysis and software are key tools for our team as we negotiate leases, strategize on future availabilities and manage our assets."

"RDM is always attentive to our requests and their response time is impressive.  We know we can rely on RDM for accurate information that is delivered quickly.”

Savanna is just one of RDM's many satisfied clients.  To see what our other clients are saying, click here.

About Savanna

Savanna is a New York City-based institutional real estate private equity firm and asset management company that pursues opportunistic real estate equity and debt asset investments.  To find out more, visit their website.

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