January 19th - January 23rd, 2009

Worker Injured at 130 Liberty

January 23 – An LVI employees, working in the basement at 130 Liberty Street, was accidentally struck by an excavator and suffered a broken leg. The Downtown Express reports LVI, the subcontractor on the job, installed more lighting in the basement and had workers undergo additional safety training.

Rent Reductions Offered at WTC site

January 23 – Rents at the Freedom Tower and Towers 2, 3, 4 and 5 are going down. The Daily News reports the Port Authority approved a $61 million rent reduction, giving tenants a $5 per square foot credit. PA Executive Director Chris Ward said the rent break is “an important incentive to make clear our interest to fill up the towers downtown.”

Vacancy Rate Lower than Midtown

January 23 – The fourth quarter report from Cushman and Wakefield shows a 32.1 percent increase in commercial space over 2007. Leasing in Lower Manhattan dropped by 23.4 percent. The overall vacancy rate Downtown is about 7.4 percent compared to Midtown’s 8.5 percent

Leasing Activity up at 14 Wall Street

 

January 23- Leasing activity is brisk in at least one building Downtown.  Real Estate Weekly reports 14 Wall Street ended the year with 223,070 square feet of leased commercial space. The landmark, 37 story building between Broadway and Broad Street has undergone more than $25 million in renovations.