Downtown Manhattan's time has finally come.The Downtown real estate market has undergone a dramatic transformation in the last five years - from an area struggling with an almost non-existent non-existent adj → nicht vorhanden non-existent adj → inesistente non-existent adj non-existent residential base and a rapidly climbing office vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. rate, to a vibrant neighborhood laden with investment opportunities in all property sectors. Downtown Manhattan's time has finally come. While residential conversions still make up the majority of investment activity Downtown, sales prices for Class B office product have rebounded significantly - from $20 a square foot to almost $100 a square foot - causing a revival revival n. 1) requesting a court to reinstate the force of an old judgment. 2) reinstating a contract or debt by a new agreement after the right to demand performance or collect has expired under the statute of limitations (the time to sue). of the second tier office market as well. Hotel activity is also on the rise, with many of the City's prime office buildings incorporating a hotel component into their property mix. For the savvy investor, the acquisition of a property Downtown presents an array of opportunities. Case in Point: Mercury Capital Corporation was recently appointed exclusive sales advisor for the sale, joint venture or net lease of 29 John Street on behalf of the Ministers, Elders and Deacons of the Reformed Protestant Dutch Church of the City of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . A pre-war The term pre-war is often used for the period before the outbreak of World War II, i.e. before 1939 or 1940. However, the term is usually applied to the most recent or significant war in a culture's history. , 71,350 square-foot, 16-story Class B office building, 29 John Street is afforded all of the tax incentives currently available to owners and tenants in certain office buildings in the Manhattan Manhattan, indigenous people of North America Manhattan (mănhăt`ən), indigenous people of North America of the Algonquian-Wakashan linguistic stock (see Native American languages). Financial District that were built prior to 1961. Located in the heart of the Downtown Revitalization re·vi·tal·ize tr.v. re·vi·tal·ized, re·vi·tal·iz·ing, re·vi·tal·iz·es To impart new life or vigor to: plans to revitalize inner-city neighborhoods; tried to revitalize a flagging economy. District, the property's small floorplates, about 4,364 square feet per floor, make it a prime candidate for eventual conversion to residential or other special purpose use. Mercury Capital is currently entertaining several bids for the property, with proposals ranging from residential conversion to office upgrade to hotel development. The continued success of the Downtown market will be dependent on two key factors - the strength of the commercial market and the creation of a retail infrastructure to support the residential community. Office and residential communities will continue to co-exist Downtown- and today's investors have the unique opportunity to stake their claim on both sides of the coin. |
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