Lower Manhattan experiences watershed year.2006 was a watershed watershed, elevation or divide separating the catchment area, or drainage basin, of one river system or group of river systems from another system or group of systems. The term is also often used synonymously with drainage basin. year for Lower Manhattan Lower Manhattan is the southernmost part of the island of Manhattan, the main island and center of business and government of the City of New York. Lower Manhattan is generally defined as the area delineated on the north by Chambers Street, on the west by the Hudson River (North . Many of the programs and initiatives that were put in place over the past five years to help the area recover and rebuild have come to fruition fru·i·tion n. 1. Realization of something desired or worked for; accomplishment: labor finally coming to fruition. 2. Enjoyment derived from use or possession. 3. , and the results have been remarkable. A wide variety of companies discovered the benefits of locating in Lower Manhattan this past year, taking advantage of the high-quality space available at affordable rents. This interest has propelled the office market forward, helping Downtown regain its place as one of the strongest in the country. This activity fueled a dramatic decline in Lower Manhattan's 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, which dropped to slightly more than 8 percent at yearend 2006, the lowest point posted since just prior to Sept. 11, 2001. About 117 businesses from a variety of industries have moved Downtown in the past 12 months, occupying more than 3 million square feet of space and diversifying Lower Manhattan's economy in the process. In addition, Lower Manhattan has become a destination for luxury retailers and many of the nation's biggest hotel developers and operators. These players have started construction or begun planning projects that will more than double the number of rooms available Downtown. One of the most important catalysts for improving market conditions in Lower Manhattan was a late-2006 agreement reached by various public and private entities on plans for the World Trade Center site. The final strategy called for the development of millions of square feet of Class A office and retail space. The complex will help position Downtown as one of the most modern, competitive and attractive central business districts in the world. Lower Manhattan, the nation's fourth largest office market, still faces many challenges. To build on positive momentum, local and federal agencies should endeavor to continue and expand on Downtown business incentives. These programs have lured thousands of new companies and employees to the area and restored the number of businesses located in Lower Manhattan to levels seen prior to Sept. 11, 2001. It is also imperative that building for the future does not impede im·pede tr.v. im·ped·ed, im·ped·ing, im·pedes To retard or obstruct the progress of. See Synonyms at hinder1. [Latin imped the present. We must all ensure the impact of construction does not discourage growth and new business activity in Lower Manhattan. The Downtown Alliance and leading Downtown businesses created the Construction Mitigation MITIGATION. To make less rigorous or penal. 2. Crimes are frequently committed under circumstances which are not justifiable nor excusable, yet they show that the offender has been greatly tempted; as, for example, when a starving man steals bread to satisfy Group to lessen less·en v. less·ened, less·en·ing, less·ens v.tr. 1. To make less; reduce. 2. Archaic To make little of; belittle. v.intr. To become less; decrease. the impact of construction on daily life in Lower Manhattan, and the Downtown Alliance is also working closely with the Lower Manhattan Construction Command Center to coordinate all construction activity Downtown. Improved access to Long Island's labor force and 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 City's major international airport is critical to Downtown's long-range long-range adj. 1. Of, suitable for, or reaching long distances: long-range missiles. 2. Requiring or involving an extended span of time: long-range planning. future as a business center. The proposed Lower Manhattan/Jamaica-JFK rail link will enhance public transportation between Lower Manhattan and Long Island's labor force as well as provide a one-seat ride to JFK Airport. Lower Manhattan is one of the most dynamic and desirable locations in New York, and its best days lie ahead. The Alliance for Downtown New York is committed to ensuring that the district remains the nation's business headquarters as well as a great place to work, live and visit during this period of rebuilding and beyond. The mission of the Alliance for Downtown New York provides Lower Manhattan's historic financial district with a premier physical and economic environment, advocates for businesses and property owners and promotes the area as a world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. destination. The Downtown Alliance manages the Downtown-Lower Manhattan Business Improvement District (BID). BY ERIC DEUTSCH, PRESIDENT ALLIANCE FOR DOWNTOWN NEW YORK |
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