Financial District News

Financial District-related news and updates.

Miller Samuel: Shadow Inventory Lurks

Quoted by Crain's New York, Jonathan Miller, chief executive of appraisal firm Miller Samuel Inc, says that there are a lot more condo inventory than it appears.

Continue reading: Miller Samuel: Shadow Inventory Lurks »

DeNiro-backed Hotel Planned in Financial District

In the next two to four years, 50 Broad Street will become the address of Nobu Hotel - a "Japanese-themed" condo-hotel complex whose amenities will include a Nobu restaurant, NYPost reports...

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Rat Problem in Seaport

According to South Street Seaport residents, the replacement work on a 150-year-old water main under Fulton street which was started recently has caused rats to invate the surrounding area.

Source: Rats flood the seaport due to water-main work (Downtown Express) »

Air Rights Shuffle on Broad Street

According to the report published today in Downtown Express, a recently approved unusual exchange of air rights, predicated on de-landmarking the building at 25 Broad street, will allow neighboring 45 Broad to "grow" 12 extra floors...

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Manhattan Vacancy Rate Up Slightly

Citing a report by Citi Habitat brokers, "The Real Deal" reported that the vacancy rate on the island went up slightly from 0.43 percent in May to 0.56 percent in June.

Continue reading: Manhattan Vacancy Rate Up Slightly »

Historic Front Street - First Reports

"Downtown Express" published a brief [overview] of the Historic Front Street project, interviewing several of the new tenants (who had been, up to that moment and to a great surprise of the building's director of leasing, 90% couples and 10% singles, with no shares) and giving some specifics on the rental units.

The units range in size from 600 to 1,400 sq ft and in price from $2,600 to $8,500 per month. Of the 95 units, five have been set aside for mid-income tenants.