Lower Manhattan Will Undergo a Retail Revival

Lower Manhattan Will Undergo a Retail Revival

May 20, 2014
The New York Times
Taking a cue from the luxury real estate boomlet that has preceded it, retail stores are moving quickly to snap up homes in newly fashionable Lower Manhattan.

Among the first movers is luxury shopping complex Brookfield Place, which has successfully courted brands including Michael Kors and Hermes, to take up residence in its swank Vesey Street location. While Manhattan shopping has long required some stamina to travel between spaced-apart stores, Lower Manhattan will soon be home to a far more condensed luxury experience, courtesy of Sydney-based Westfield Group. While the shopping center giants have declined to disclose which stores they’ll be renting space to, they are clearly banking on Lower Manhattan as the next big thing — they’ve already signed a 99-year lease. It looks like New York luxury just got a new address.