Lords of the location

From the July issue: Dominating a submarket, as opposed to diversifying holdings across the city, is not a new approach to assembling a portfolio. But in recent years, the strategy has seen its share of higher-profile examples, especially in areas once considered by commercial tenants to be fringe and undesirable. Landlords such as Vornado Realty Trust in the Penn Station area, Two Trees Management in Dumbo and Trinity Real Estate in Hudson Square are realizing they can make their product more attractive if their buildings are located in what seems to be a definitive, self-contained district, with common design elements and shared public spaces, like a modern version of Rockefeller Center. more By C.J. Hughes