Over the next few years Downtown Manhattan will be at the centre of major redevelopment in New York City, with a range of extensive construction projects reaching completion.
The neighbourhood will be at the epicentre of a bi-state public transportation network, incorporating 12 subway lines, PATH lines, six ferry landings and 30 bus routes reaching across Manhattan and the outer Boroughs – in addition to the landscaped pedestrian walkways and bike lanes that will be added to the area.
The new World Trade Center Transportation Hub designed by Santiago Calatrava, is the city’s most integrated network of underground pedestrian connections.
The heart of the regeneration of the area is the new World Trade Center, with four new buildings housing over 10 million square feet of office space. The first to open will be 1 World Trade Center, also known as Freedom Tower, which is due to welcome its first occupants from October 2014. With a large number of prestigious media companies and New York's technology leaders joining the area's financial giants, Downtown Manhattan is expected to thrive. Also joining the newest commercial residents in the area is a new premier retail space at Brookfield Place, with the Westfield Shopping Center opening in Spring 2015.
Standing in the heart of Downtown Manhattan, The Residences at The W Hotel provide a unique opportunity to invest in a residential property at one of the district's top hotels.
The W Downtown's permanent residents will enjoy the full hotel experience, with unrestricted hotel services available to them in addition to their own private lobby and reception entrance. One floor of the building is dedicated to the residents, complete with state of the art facilities including a Digital Entertainment Lounge, Café, Outdoor Terrace, Fitness Centre & Spa Treatment Rooms with a Sauna.
Residents at the W will have a beautiful vantage point, with each apartment and penthouse offering expansive views of Manhattan, in addition to a private rooftop terrace which offers an unparalleled 360° view of the island including Midtown, the 9/11 Memorial Park, the Hudson and East Rivers, the Statue of Liberty, Ellis Island and beyond.
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The Residences at the W Hotel Downtown Manhattan are a unique opportunity to take full ownership of a condominium in Lower Manhattan, with apartments immediately available from $1,350,000 and the building's luxurious penthouses on offer to investors from $2,230,000, offering up to 4.5% NET yield.
The availability of residential property in Manhattan is in decline, with a fall of 20% from Q1 2013 to Q1 2014, only 5,300 active condominiums available and the twelfth consecutive quarter in which property availability has fallen in the borough.
The fall in availability has led to a rise in the value of land in Lower Manhattan. Since Q4 2012, the average price per square foot of new developments in Lower Manhattan has increased by approximately 20%. Furthermore, sales in Q1 2014 reached record 25-year highs, marking a 32.8% increase on Q1 2013 in the average price per square foot.
With over 50,000 new employees, 600 new technology companies and many of Manhattan's media elite moving into the regenerated Downtown area by 2015, demand for residential property is increasing, driving the price per square foot upwards. This trend is expected to continue with new residential developments at The Four Seasons and the Woolworth Building both expected to reach in excess of $3,000 per square foot. Whilst the demand rises for condominiums in the Downtown Manhattan area, the average cost per square foot is still 60% lower in Manhattan than Central London.
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