The Real Deal New York

Sept. 11 museum expected to supercharge downtown growth

Hoteliers and landlords expect to see 2.4 million downtown visitors in the first year
May 18, 2014 05:00PM

 With the opening of the National September 11 Memorial Museum, Downtown is expecting to see yet another boost.

Everyone from hoteliers and landlords, to restaurateurs and retailers are expecting the estimated 2.4 million that will visit the museum in the first year to benefit their firms and continue to galvanize lower Manhattan, according to Crain’s.

The opening of the museum “is a great symbol of how far we have come,” said Jessica Lappin, president of the Alliance for Downtown New York. “The $30 billion that has been invested here over the past decade is becoming tangible and real.”

There were just 1,469 hotel rooms south of Chambers Street back in 2001, but, by next year, there will be 7,025.

According to Cushman & Wakefield, the office vacancy rate in lower Manhattan declined in April, falling nearly a full percentage point to 11.45 percent, since December.

“I have spoken to the executives at Brookfield, and they say they have commitments for every square foot of vacant space at their complex,” Larry Silverstein, the World Trade Center developer, said. [Crain’s]Christopher Cameron