Vacant Office for Corporate Exhibits
This is likely the most significant availability for exhibits, and it is the most important. FiDi has the highest vacancy rate in Manhattan, exceeding 30% in some areas, compared to the historical norm of 5-10% (Cushman Wakefield Q1 2024). At present the area east of Broadway is unattractive for conventional new office tenants, and much of the building stock is dificult to use for residential. Carbon Zero City will generate demand for 5 million square feet: 2 million directly and 3 million indirectly. It will be able to use space not ideal for conventional offices.
The real estate model follows that of the redevelopment of retail at Chelsea Harbour in London where 1 square foot of space rented generated an additional 1.5 to 2 square feet of office space.
Click here for a dynamic list of specific available office space. The list is is inexhaustive.
| Inventory | Vacant | |
|---|---|---|
| Finance West | 6,211,658 sf | 2,103,351 sf |
| Insurance | 12,587,451 sf | 4,678,003 sf |
| World Trade | 24,144,411 sf | 4,814,215 sf |
| Finance East | 29,924,952 sf | 7,966,073 sf |
| Totals | 72,868,472 sf | 19,561,642 sf |
| Space Needed | |
|---|---|
| Carbon Zero Direct | 2,000,000 sf |
| Carbon Zero Indirect | 3,000,000 sf |
| Totals | 5,000,000 sf |
Using some of the 12 million square feet of vacant office spase as a trade mart and trade show. This is good.
Vacant Retail in the Insurance and Finance East Sub Markets
Retail is needed for urban hubs and select exhibit space. However, Carbon Zero City's overall demand for retail is not nearly as high as office.
While the overall Manhattan retail vacancy rate is about 14%, a according to Cushman Wakefield, Lower Manhattan (Broadway, Wall, and Fulton Streets) is running just under 21%. Though, the area proposed may have much higher vacancy rates.
Carbon Zero City would be a rent-paying tenant at a very preferred rate (some short-term, some long-term) and help retail transform from an older office district to an exciting mixed-use neighborhood.
| concentrations |
|---|
| Fulton Street |
| Nassau Street |
| John Street |
Vacant Land in the Insurance and Finance East Sub Markets
FiDi has a handful of properties where the former buildings have been raized, but new ones have not been constructed, in all likelihood because the real estate market has changed so dramatically.
| Vacant Sites |
|---|
| Maiden Lane |
| Nassau Street |
Allyways, Narrow Streets as Exhibit Areas
FiDi has a handful of ally-ways rarely in use. Some are historically significant, and example of which is 6 Dutch Street, where William Colgate had his soap shop and where Colgate-Palmolive got its start.
| Assets |
|---|
| Dutch Street |
| Liberty Place Theater Ally |
| Eastern Cedar Street |
| Marketfield Street |
| Theater Ally |
Educational Facilities
These may be underutilized during the summer months. IC could help finance improvements, including solar panels and urban agriculture. Sample facilities include:
| Assets |
|---|
| Pace University on John Street |
| Pace University on One Pace Plaza |
| Peck Slip High School |
| High School of Economics and Finance |
Generally Public Spaces in the Financial District
FiDi has a number of historically significant open spaces, an example of which is Golden Hill Plaza, the location of the first formal battle of the American Revolutionary war. Some of these open spaces may be part of NYC’s Privately Owned Public Spaces (POPs) program. Using the Citibike private finance model among others, IC envisions a mix of privately financed, publicly oriented permanent improvements, and temporary exhibits.
Temporary Retail: Precedent for temporary uses includes Urban Space Management’s seasonal structures in Union Square and Bryant Park. Specific products sold, as well as food, would support indigenous activities, among others.
Public Art:Will include public art exhibitions on the climate crisis and carbon zero cities. Renowned artists present powerful installations and interactive displays, highlighting sustainable solutions and inspiring action.
| Assets |
|---|
| Fuson Plaza (private) |
| Louise Nevelson Plaza |
| Aivin Garden |
| DeLury Square |
| Titanic Memorial |
| Peck Slip Plaza |
| Coenties Slip Park |
| Golden Hill Plaza (a POPs) |
| Christian-Duitsmann-Green |
Under the FDR
One ideal area could be under the FDR between Whitehall Terminal and the Brooklyn Bridge (in conjunction with the Lower Manhattan Coastal Resiliency (LMCR) Project). The LMCR Project will create a new park and flood protection system along the East River, including a waterfront esplanade and a seating area, as well as a new stormwater management system to reduce flooding in the area.
| Assets |
|---|
| Pier 17, South Street Seaport |
| Pier 15, Recreational Ferries |
| Pier 11, NYC Ferry access to the world |
| East River Greenway |
Privately Owned Public Spaces (POPS)
POPS are outdoor or indoor areas open to the public but privately owned and maintained. They are part of a zoning incentive program allowing developers to increase the amount of floor area.
More information on POPS is available at the Municipal Art Society.
| Assets |
|---|
| 59 Maiden Lane |
| 15 Cliff Street |
| 1 New York Plaza |
| 1 Liberty Plaza |
| 55 Water Street (elevated acre) |
| 60 Wall Street |
| 88 Pine Street |
| 10 Liberty |
| 140 Broadway |
| 160 Water Street |
| 100 Wall Street |
| 7 Hanover Square |
| Two Gold Street |
Major Area Facilities in the Financial District
Since 9/11, several major landmarks have been created or renovated, or need renovation. Carbon Zero City will propose temporary exhibits to owners and managers, depending on economics.
| Assets |
|---|
| Winter Garden (managed by Brookfield) |
| Oculus (managed by Westfield) |
| Pier 17 (Hughes Corporation) |
| The Fulton Center (managed by Westfield) |
| Century 21 Building (in redevelopment) |
| American Stock Exchange (in redevelopment) |
| Chase basement (needs redevelopment) |
Taxpayer Parking Lots
These are properties where owners use parking revenues to pay for property taxes. These locations could be sponsored by a given corporation, or these could be for multiple corporations.
| Assets |
|---|
| Gotham Parking on Gold |
| LAZ Parking at the Seaport (with issues) |
| Icon Parking between Cliff and Pearl Streets |
Sheds in Place of Street Parking
These would follow the shed concept of NYC’s Open Restaurant Program launched in response to the COVID-19 pandemic.
| Assets |
|---|
| na |
| na |
MORE info
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