Lower Manhattan’s apartment inventory rose 19 percent in the last two years, according to a new report. In 2006, 12 fresh residential developments spilled 1,718 new apartments onto the market below Chambers Street, according to the report from the Alliance for Downtown New York, a business-booster group.
The rest of the story of lower Manhattan over the last couple of years painted by the new report is a familiar one: Commercial leasing is up over the dismal first years after Sept. 11, 2001, and higher-end retail, too, has eked out a greater presence below Chambers. The report cites Tiffany and Hermes stores as examples.
Hotels in lower Manhattan, like in much of the rest of the borough, have also been having a very good couple of years. Hotel occupancy rates in the area rose in 2006 for the third consecutive year. And, according to the Alliance, at least 24 new hotels will double the inventory of lower Manhattan rooms to almost 5,000.