Appendix:
Incubators Generate Significant Opportunities.
Appendix:
Old Office Floor as Showrooms.
1. VACANT OFFICE SPACE
Aligned with Carbon Zero's "use what exists" mantra, FiDi's vacant office spaces will transform into exhibits showcasing cutting-edge solutions—a modern take on the trade mart. For property owners, much of this space isn't easily convertible to residential use. Where it is, showrooms offer a faster, more cost-effective option while also driving demand for traditional office support.
FiDi has nearly 12M sq. ft. of vacant office space east of Broadway, including near Fulton Center — This represents a 30% vacancy rate. Invent City's strategy focuses on reusing vacant space for showrooms, offering a low-carbon alternative to new construction. Unlike ambitious projects like NEOM or Telosa, repurposing existing space is practical, scalable, and more sustainable for cities worldwide. For building owners, showroom conversion are a quicker, cost-effective solution compared to complex conversions like residential. Learn more about the venue strategy.
| SUPPLY | 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 |
| DEMAND | AREA Needed |
|---|---|
| Carbon Zero Direct | 2,000,000 sf |
| Carbon Zero Indirect | 3,000,000 sf |
| Totals | 5,000,000 sf |
AMPLE SPACE
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FiDi’s abundant vacant office spaces are perfect for Carbon Zero showrooms. With vacancy rates exceeding 30% in Fulton Center, these spaces can transform into vibrant showrooms, dynamic exhibits, and event venues—positioning FiDi as a global hub for carbon-zero innovation. Source: Cushman Wakefield Q1 2024
MODEST DEMANDS
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Carbon Zero Projects Demand for 2 Million Square Feet. With such an oversupply of uncompetitive vacant space, Carbon Zero expects to have extensive flexibity with establishing showrooms and other uses.
60 Wall Street
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60 Wall Street, a 55-story, 745-foot skyscraper on Wall Street, was formerly home to Deutsche Bank and now has substantial vacant space. As of 2021, it is primarily owned by GIC Singapore, with Paramount Group as a minority owner.
32 Old Slip
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Known as the Equitable Building, 32 Old Slip is a 36-story, 575-foot skyscraper in Lower Manhattan's Financial District. Completed in 1987, it houses office tenants, a Convene convention center, and the New York Regional Office of the U.S. Census Bureau. The ground floor includes FDNY Engine Company 4 and Ladder Company 15. RXR Realty purchased the building from Beacon in 2014, later selling the land interest to iStar in 2021.
77 Water Street
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An office tower near the Seaport District with increasing vacancy, offering leasing opportunities.
Seven Hanover Square
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7 Hanover Square, a 26-story, 881,007-square-foot office tower on Water Street, offers 34,000-square-foot floor plates and East River views. Built in 1983 and renovated in 2000, it houses Guardian Life Insurance's NY headquarters, established in 1998. Managed or owned by The Swig Company, the building has faced higher vacancies in recent years despite its convenient access to the FDR Drive.
7 Water Street
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Situated near South Street Seaport, this building has vacancies as demand shifts in the area.
One State Street
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Located at the southern tip of Manhattan, this building has seen growing office vacancies in recent years.There is a total of 142,305 square feet of space currently available for rent at this address. Of this, the minimum divisible area is 11,278 square feet.
2. VACANT RETAIL SPACE
FiDi's retail faces challenges — Community Board 1 (CB1) in Lower Manhattan has the highest retail vacancy rate in New York City, according to the New York City Department of Small Business Services (SBS) "Report on Storefront Businesses" for Fiscal Year 2024. Of the 2,305 storefronts in CB1, 556—nearly 24%—are unoccupied. (Source)
Invent City sees opportunity — FiDi can revitalize retail with Interactive and Experiential Spaces: workshops, tastings, and community events to engage customers. Eco-Friendly Retail: Growing demand for sustainable goods, zero-waste stores, and ESG-focused businesses can redefine FiDi's commercial landscape.
| Major Retail Streets in FiDi |
|---|
| Fulton Street — Once a bustling retail corridor, home to small shops and national retailers around Fulton Center. Vacancies have surged, though it's still a hub for food and shopping. |
| Broadway — Broadway, stretching through FiDi, offers a mix of high-end stores, flagship brands, and tourist-focused retail, though many storefronts remain empty, especially near Wall Street. |
| Wall Street — Known for its financial institutions, Wall Street features retail spaces serving professionals and tourists. Vacancy rates remain high despite its prime location. |
| Nassau Street — A historic retail strip with a range of smaller specialty stores, eateries, and local services, yet struggles with rising vacancies. |
| Pearl Street — Once home to Edison’s first US power plant, Pearl Street offers intimate retail and dining options, though foot traffic has dwindled, leaving gaps in occupancy. |
| Maiden Lane — Historically catering to office workers, Maiden Lane features a mix of dining and services, though vacant storefronts now dot the landscape. |
FiDi has sites where the former buildings have been raized for new office space, but new buildings have not been constructed. Office uses seem improbable because the real estate market has changed so dramatically and FiDi has vacancies north of 30%.
Fulton Street
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Fulton Street, named after steamship pioneer Robert Fulton, has long been a hub of commerce and transportation in Lower Manhattan. Today, it thrives as a vibrant destination with retail shops, restaurants, and services, drawing locals and tourists. The revitalized Fulton Center, a major transit hub connecting multiple subway lines, enhances accessibility and energy. Blending historic charm with modern development, Fulton Street exemplifies NYC’s evolution while honoring its rich heritage.
Maiden Lane
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Maiden Lane, dating to the 17th century, traces NYC’s evolution from colonial trading routes to a global financial hub. Once following a natural stream, it grew into a bustling commercial path. Today, it’s renowned for jewelry shops, historic landmarks like the Federal Reserve Bank and New York Stock Exchange, and its blend of colonial charm with modern finance, embodying NYC’s layered history.
Nassau Street
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Nassau Street, one of NYC’s oldest streets, dates back to the 17th century and reflects the city’s evolution from a residential lane to a bustling commercial hub. Known for its historic architecture and narrow passageways, it connects major landmarks like Wall Street and City Hall. With its blend of historic charm and financial vitality, Nassau Street remains a dynamic part of Lower Manhattan, attracting professionals and tourists alike.
(click on the graphic to enlarge)
Existing Public Spaces. — Invent City proposes privately financed improvements to these spaces in return for use of them as exhibit locations.
| PUBLIC SPACE EXAMPLES |
|---|
| Fuson Plaza (private) |
| Louise Nevelson Plaza |
| Aivin Garden |
| DeLury Square |
| Titanic Memorial |
| Peck Slip Plaza |
| Coenties Slip Park |
| 2 Gold Street - 8,130 sf |
| Christian-Duitsmann-Green |
5. PRIVATELY OWNED PUBLIC SPACES (POPS)
Privately Owned Public Spaces (POPS) — Indoor or outdoor spaces open to the public, often needing upgrades. Learn more at the Municipal Art Society.
| Building | Size |
|---|---|
| 1 Battery Park Plaza | 11,599 sf |
| 1 New York Plaza | 39,985 sf |
| 1 State Street | 9,708 sf |
| 1 Wall Street | 4,619 sf |
| 10 Liberty Street | 5,147 sf |
| 100 Wall Street | 8,451 sf |
| 100 William Street | 5,242 sf |
| 110 Wall Street | 3,613 sf |
| 115 Broad Street, 4 New York Plaza | 9,841 sf |
| 125 Broad Street - 2 New York Plaza | 24,665 sf |
| 130 William Street | 5,317 sf |
| 175 Water Street | 5,640 sf |
| 180 Maiden Lane | 21,120 sf |
| 180 Water Street | 6,348 sf |
| 2 Gold Street | 8,130 sf |
| 200 Water Street | 7,232 sf |
| 33 Beekman Street | 3,012 sf |
| 33 Maiden Lane | 5,376 sf |
| 40 Broad Street | 2,109 sf |
| 52 Broadway | 4,841 sf |
| 55 Broad Street | 4,089 sf |
| 55 Water Street | 86,151 sf |
| 59 Maiden Lane | 8,151 sf |
| 60 Wall Street | 20,426 sf |
| 7 Hanover Square | 12,816 sf |
| 75 Water Street | 13,297 sf |
| 8 Spruce, Beekman Plaza | 27,103 sf |
| 85 Broad Street | 28,460 sf |
| 86 Water Street, 10 Hanover Square | 3,345 sf |
| 88 Pine Street | 9,907 sf |
| 95 Wall Street | 4,409 sf |
6. EDUCATIONAL FACILITIES (SUMMER)
Use in Summertime — Ideal for summer student events connecting youth with industry leaders. Examples: Pace University (John Street, One Pace Plaza), Peck Slip High School, and High School of Economics and Finance.
| Educational Facilities |
|---|
| Pace University, 140 John Street |
| Pace University on One Pace Plaza |
| Pace University, 161 William Street |
| Peck Slip High School (1 Peck Slip) |
This is an opportunity to improve a variety of urban assets. Carbon Zero’s strategy reimagines urban spaces, blending revitalization with revenue generation. In some cases, internationally recognized facilities. Invent City would be looking to propose to the owners and managers temporary exhibits, depending upon economics. From public art to flexible facilities, these initiatives draw inspiration from models like Urban Space in Union Square and Bryant Park. In other cases, art displays on the crisis. For more information, see venue.
| OTHER URBAN ASSETS IN FIDI |
|---|
| Under the FDR — LMCR Project sites beneath the FDR Drive, including East River Greenway and Pier 17, offer opportunities for events and exhibits focused on urban flood protection. |
| Taxpayer Properties — Parking properties generating tax revenue, with potential for corporate sponsorship. Examples: Gotham Parking (Gold), LAZ Parking (Seaport), and Icon Parking (Cliff & Pearl). |
| Large Facilities — Temporary exhibit venues like Winter Garden, Pier 17, the Oculus, and Fulton Center, driven by economic proposals. |
| Street Parking Sheds — Adaptable structures for parking areas, modeled on NYC’s pandemic-era Open Restaurant Program. |
UNDER THE FDR
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The FDR Drive, built in the 1930s, is a vital yet aging highway along Manhattan’s east side. Designed to ease congestion, it now faces frequent bottlenecks, flooding, and outdated infrastructure. Rising sea levels and extreme weather make parts of the FDR prone to storm surges, highlighting the urgent need for climate-resilient upgrades and smarter urban planning.
GOLDEN HILL PLAZA
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Golden Hill Plaza, a Privately Owned Public Space (POPS) at Platt and Gold Streets, offers a serene retreat in FiDi. Surrounded by historic landmarks, it is near the site of the Revolutionary War's first bloodshed, adding historical significance. Nearby hotels like Sheraton Four Points make it a convenient spot for visitors, blending history, reflection, and tranquility in NYC’s bustling core.
PACE UNIVERSITY
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Pace University’s FiDi campus combines state-of-the-art facilities with proximity to Wall Street, offering students direct access to internships and networking. Home to the Lubin School of Business and the Elisabeth Haub School of Law, it’s a hub for future leaders. The carbon zero economy, fueled by $1.4 trillion in clean energy spending in 2022, outpaces national GDPs like Australia's, presenting immense growth opportunities.
8. SLOW STREETS / SELECTIVE PEDESTRIANIZATION
New Yorkers have long pushed for pedestrianizing parts of FiDi, but the economic case lacked strength. Now, with high office vacancies, pedestrianization is no longer optional—it's crucial for real estate competitiveness. Inspired by the Make Way for Lower Manhattan plan, Invent City backs selective pedestrianization of key streets. Examples include Stone Street and the Broad/Wall Street intersection. Using cost-benefit analyses, proposed streets like Dutch Street, Liberty Place, and Cedar Street (east of William Street) are prime candidates for starting.
But before considering pedestrianization or slow streets, NYC first needs to figure out how to enable basic local operations including small cargo delivery, transit in lieu of cars, and waste management — Invent City would deploy a network of multi-use hubs using disused retail space. This network of hubs would increase 24-hour neighborhood security (the Bryant Park affect), improve streetscapes with more greenery, and enable a reduction of large vehicles, and less garbage. By integrating micro cargo, micro transit, micro waste transfer and other uses into a new type of multi-use local hub, likelihood is greater that these that have a better chance of being privately financed and overall financially sustainable.
| Increased Foot Traffic & Retail Sales — More pedestrians mean greater visibility for shops and restaurants, driving higher sales. This, in turn, encourages premium leases for commercial spaces, boosting overall economic activity. |
| Higher Property Values — Pedestrian-friendly areas are more appealing, leading to increased property values. Reduced traffic and added greenery improve air quality, public health, and talent retention. These factors create better living and working conditions, making FiDi more desirable. |
| Tourism Growth — Pedestrian-friendly streets enhance the tourist experience, increasing spending and supporting local businesses. Tourism creates jobs, boosts real estate values, and funds landmarks and museums. It also generates substantial tax revenue through sales taxes, hotel occupancy taxes, and tourism-related fees. |
| Pedestrianized Success stories |
|---|
| Times Square, New York—Foot traffic surged by 300%, raising retail rents and establishing it as a top global commercial hub. |
| Bourbon Street, New Orleans—Boosted tourism and nightlife, generating significant revenue for the city’s entertainment sector. |
| Carnaby Street, London—Revitalized retail and fashion with increased foot traffic, raising property values and sales. |
| Strøget, Copenhagen—Major pedestrian street that enhanced economic activity and retail sales. |
| Istiklal Avenue, Istanbul—Cultural and commercial hub driving growth in retail and tourism. |
| Orchard Road, Singapore—Transformed into a premier shopping destination, boosting retail revenue and tourism. |
| La Rambla, Barcelona—Key cultural node that increased tourism and revenue for local shops and restaurants. |
| Grafton Street, Dublin—Became a major shopping artery, driving retail and commercial investment. |
| Nanjing Road, Shanghai—Top shopping street in China, fueling retail and tourism growth. |
| Takeshita Street, Tokyo—Vibrant youth culture hub, boosting retail and tourism. |
9. ALLEYS AND UNDERUTILIZED STREETS
Alleys, originally designed for functional tasks like deliveries and access to rear buildings, hold untapped urban potential. By transforming alleys into climate change exhibit pathways, they offer a unique space for interactive visitor engagement.
Dutch Street
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Dating to the 17th century, Dutch Street is a rare relic of NYC’s colonial history and early industry, once home to Colgate’s first operations. Nestled between John and Fulton Streets, this underutilized space offers potential as a vibrant exhibit site, blending historic charm with the city’s evolution from colonial port to industrial powerhouse.
Liberty Lane
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Liberty Lane, a Revolutionary War-era alley near Liberty Street, symbolizes NYC’s resilience and fight for independence. Now a serene escape amid towering skyscrapers, its historic significance and quiet charm make it ideal for immersive exhibits exploring NYC’s evolution from colonial settlement to modern metropolis.
Ryder's Alley
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Historically a hub for merchants, Ryder’s Alley (also known as Eden’s Alley) reflects the maritime and commercial roots of NYC’s early economy. Once bustling with merchants, its narrow, winding path near the seaport provides a unique historical backdrop ideal for urban exhibits. This atmospheric alley blends NYC’s past with modern topics like climate change and sustainability, making it an excellent space for interactive, educational displays on the city’s evolving relationship with its environment and economy.
Marketfield Street
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Once a path to a Dutch marketplace, this historic street near Bowling Green offers a space for exhibits on NYC’s evolving urban landscape.Dating back to the Dutch colonial era, Marketfield Street once led to a bustling marketplace, underscoring its role in NYC’s early economic life. Located near Bowling Green and the National Museum of the American Indian, this underutilized area presents an ideal location for outdoor exhibits. Marketfield Street’s historic charm, coupled with its proximity to landmarks, offers a meaningful context for exploring urban challenges and transformations—from commerce to sustainability—in a modern NYC setting.
Eastern Cedar Street
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A quiet street linking to Pearl Street, offering a glimpse into FiDi’s colonial roots and potential for future-focused exhibits.Eastern Cedar Street is a peaceful, historically rich street that connects with Pearl Street, linking it to NYC’s colonial past. Its quiet atmosphere and strategic location in the Financial District make it an ideal site for exhibits that explore the city’s journey from a colonial settlement to a modern metropolis focused on sustainability. By blending history with forward-thinking concepts, Eastern Cedar Street can serve as a backdrop for showcasing NYC’s plans for a resilient and sustainable urban future.
Exchange Place
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Historic alley near the New York Stock Exchange, perfect for exhibits on the legacy and future of sustainable finance. Exchange Place, a narrow historic alley connecting William and Hanover Streets, sits close to the iconic New York Stock Exchange. This alley captures the essence of NYC’s financial legacy, providing a unique location for exhibits on the evolution of finance. With its proximity to Wall Street, Exchange Place is perfectly positioned for interactive displays that explore sustainable finance, innovation, and the financial district’s role in addressing modern economic and environmental challenges.
10. AN URBAN HUB NETWORK
Invent City's Urban Hubs build on the success of transformative innovations in New York City. From Grand Central Terminal, which turned its surroundings into prime real estate since 1913, to Citibike, introduced in 2013 to boost tourism and local commerce, these initiatives demonstrate the economic and social impact of urban infrastructure. The subway, one of the world’s largest and oldest, and pedestrianization efforts in Times Square, which enhance retail sales, tourism, and property values, highlight how strategic investments can reshape cities for growth and sustainability.
| Existing NYC Initiatives |
|---|
| Local Delivery Pilot (DOT) — Creation, operation, or expansion of micro-distribution centers to reduce emissions and alleviate vehicle congestion. |
| Blue Highway (DOT, EDC) — Reactivation of the East River for cargo. Urban hubs could transfer cargo to lightweight, modular, 4-wheeled pedicabs. Pilot at Pier 11. |
| LockerNYC (DOT) — Urban Hubs could provide convenient, off-sidewalk locations for public-access lockers. |
| Support NYC's Bike Ecosystem (DCAS) — Urban Hubs can accommodate services such as rentals, repairs, parking, and more as outlined in the RFEI. |
| Clean Curb Initiative (DSNY) — Work with communities to clear sidewalks of garbage and address rodents. Urban Hubs would offer a more attractive solution than street containers. |
| Curbside Composting Program — DSNY’s “Smart Compost Bins” initiative and food scrap program. Urban Hubs could serve as compost repositories. |
| Public Toilets — Manhattan Borough President’s Office and City Council want public toilets for homeless, workers, and tourists. Urban Hubs could serve as locations. |
| Congestion Pricing — With launch expected in Spring 2024, Micro Hubs could facilitate innovative options. |
| Local Law 97 — Mandates emission reductions for large existing buildings: 40% by 2030 and 80% by 2050. |
Note that these are not prerequisites for the overall initiative.
Urban Hubs: Backbone of Resilient City Operations — Invent City achieves its greatest impact through urban hubs and selective pedestrianization. These hubs optimize logistics, transit, waste, and sanitation, boosting sustainability and infrastructure. NYC’s Department of Transportation is rolling out cargo hubs, setting the stage for robust networks to support events like a micro urban world’s fair. Learn more.
| Micro Cargo — NYC's 3.6M daily deliveries, 90% by truck, worsen congestion and air quality. Urban Hubs with quad vehicles streamline logistics and cut emissions. |
| Micro Transit — CitiBike price hikes and subway disruptions strain transit reliability. Urban Hubs enhance surface transit options, increasing resilience and capacity. |
| Garbage: NYC’s Weak Spot — Limited alleys lead to poor waste management and harm NYC’s image. Urban Hubs bring advanced recycling systems, improving sanitation and appeal. |
| Public Toilets — Accessible restrooms boost tourism and quality of life. Invent City supports Borough President Levine’s vision for a cleaner, more welcoming NYC. |
Micro Transit
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Expanding micro-transit options is essential for NYC’s resilience. E-bikes, scooters, and other modes ensure mobility during subway disruptions, reduce congestion, and cut emissions. These solutions support short trips, climate goals, and a more accessible, adaptable urban environment.
Public Toilets
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Public sanitation boosts tourism, supports businesses, and improves public health. Strategically placed, well-maintained toilets enhance mobility, cleanliness, and NYC’s appeal for residents and visitors alike.
Garbage
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Streamlining waste management reduces clutter, rodent infestations, and emissions. Efficient pickups, recycling, and composting enhance air quality and urban appeal, supporting NYC’s growth and sustainability goals.
Micro Cargo
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Expanding micro-cargo fleets reduces congestion and emissions while improving delivery efficiency. Electric bikes, trikes, and quads offer a scalable, eco-friendly logistics solution for NYC’s growing needs.
The App
The app would have two groups of functions: Neighborhood Functions: A comprehensive digital platform providing residents, workers, and visitors with real-time information on local businesses, events, public transport schedules, safety updates, community forums, and a marketplace for local services and goods. Event Functions (including a World's Fair): A digital guide for attendees, combining informative content with features like an interactive map, AR tours, event schedules, pavilion details, multilingual support, social connectivity, user feedback, personalized itineraries, digital collectibles, vendor details, and emergency and transport info.
Corporate sponsors would be a primary revenue focus. The app would provide sponsors with targeted exposure using data analytics for personalized promotions. An interactive platform would amplify sponsor engagement through immersive ads, exclusive offers, and content, elevating brand visibility and revenue potential.
| Benefit to sponsors |
|---|
| Extended value for users, including offering discounts. |
| Customer stickiness with push notifications to users. |
| Offline availability with re-sync when reconnected. |
| Scalability to handle greater demand (e.g., a micro world’s fair). |
| Maximized engagement through customization by age and nationality. |
Revenues would vary. IC would launch its web and app with limited fanfare on June 1, 2024. Usage rates are expected to grow from 0 to 10 million by June 1, 2025, and remain at 10 million through September 2026 (coinciding with the end of any fair and the World Cup).
| Sources of Revenues |
|---|
| Sponsorships by major corporations. |
| Advertising by local businesses. |
| Commissions for facilitating services like deliveries. |
| Enhanced visibility fees. |
| Subscription fees for an ad-free experience. |
| Promotion fees for specific events. |
| Market research on users (with permissions). |
The Metaverse
The metaverse is a core part of Invent City's "urban nervous system," leveraging AI, AR, and VR to drive climate solutions while unlocking diverse revenue streams. It boosts sales for participating companies by reducing CO2 emissions through limited physical interactions, showcasing carbon-zero products globally, and delivering real-time climate simulations. With unmatched scalability, global reach, and cost savings, the metaverse allows brands to engage audiences through immersive, boundary-free experiences, transcending geography, physical limitations, and time.
| Revenues include: |
|---|
| Virtual Real Estate: Invent City would offer prime virtual locations, fetching higher value. |
| Digital Assets & NFTs: Invent City would feature digital art and collectibles as NFTs, spotlighting NYC artists. |
| Virtual Commerce: The global reach would generate sales commissions or rent for Invent City. |
| Product Placement: Showcase items in Invent City’s virtual exhibits or games, adaptable to local settings. |
Pedestrianization enhances street appeal and increases foot traffic. It attracts tenants, raises occupancy rates, and elevates property values, particularly in areas with high vacancies.
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