Mixed Use

By Patrick Hedlund

East Side slide

The East Village and Lower East Side experienced the steepest residential rent drops of any Downtown neighborhoods last year, making them among the most desirable areas across Manhattan for discount-driven renters.

According to the Real Estate Group New York’s year-end rental market report, the East Village and Lower East Side saw average decreases of 6 percent and 6.3 percent, respectively, for all doorman and non-doorman units combined in 2009. Doorman studios led the downward trend in both neighborhoods, with such units falling by 12.1 percent in the East Village and 22.4 percent on the Lower East Side over the past year. Over all, the East Village recorded drops for each one of its unit types, while the L.E.S. saw modest gains for non-doorman studios and two-bedrooms only (up 1.1 percent and 1.7 percent, respectively).

With a spate of new residential units coming on the market over the last year, the Financial District weathered a nearly 6 percent average drop in prices for all its unit types. One-bedrooms were the hardest hit, falling by almost 13 percent last year for doorman units and 7.13 percent for non-doorman units.

Battery Park City, a neighborhood where non-doorman units are not recorded, experienced a 3.11 overall decline, with doorman one-bedrooms dipping by 7.7 percent.

On the other hand, Soho and Tribeca, the city’s most expensive neighborhoods for renters, both fared well in 2009, posting gains of 8.1 percent and 14.4 percent over all, respectively. Soho saw its non-doorman, one- and two-bedrooms rise by 33.7 percent and 29.2 percent, respectively. Tribeca’s non-doorman studio, one- and two-bedrooms came in up 37.6 percent, 31.5 percent and 23.2 percent, respectively.

Compared to 2008, average prices for all Manhattan units last year were down almost 6.5 percent.


The owner of the former Standard Oil Building in the Financial District recently purchased the final land parcel underlying the office high-rise for nearly $35 million.

The Midtown-based Chetrit Group bought the building and two of the three parcels under the tower at 26 Broadway for $225 million about three years ago, according to The Real Deal. The third parcel had remained under separate ownership through a long-term lease until the Chetrit Group closed on the acquisition Dec. 30.

The 31-story Standard Oil Building, located at the corner of Beaver St., was mostly completed in 1926 and designated a landmark by the city in 1995.

… and water

A boating-insurance firm has inked a deal for more than 12,000 square feet in the Financial District.

Water Quality Insurance Syndicate, a consortium of companies offering boating-related insurance, signed a deal to take over the entire 33rd floor at 60 Broad St. in March, according to Crain’s.

The 10.5-year deal, which covers 12,400 square feet at the building between Exchange Place and Beaver St., reportedly came with asking rents in the high $30s per square foot.

The firm is currently located at 80 Broad St., but chose to relocate to the Class A property partially due to the financial concerns of 80 Broad’s landlord, the report stated.