Water Street revamp needed to retain corporate tenants, study finds

July 02, 2010 09:30AM

55 Water Street, home to Standard & Poor’s

The Alliance for Downtown New York has come out with a new study on how
to transform the dated Water Street into a more vibrant and
pedestrian-friendly scene. According to the Downtown Express, the study
says leases in many of the street’s office buildings will expire over
the next five years, which puts local businesses and landlords in
jeopardy if tenants opt to move out.
Among the major Water Street tenants are Standard & Poor’s, A.I.G.
and law firm Sullivan and Cromwell. To keep them there, the Alliance
suggests creating more diversity in retail, dining and public spaces in
an effort to be led by the public sector. That includes re-scaling the
streetscape, strengthening its connection to its history and to the
waterfront, realigning public and ground-floor spaces and extending
hours of activity, said Liz Berger, president of the Alliance. [Downtown Express]