July 4th - July 8th, 2011

Downtown Retail Revival on the Horizon

July 5 – As the construction on the World Trade Center continues to accelerate, the area’s retail scene is beginning to revive, reports the New York Times. In anticipation of thousands of new office workers, tourists and residents landlords are beginning to raise the rents. Along the financial district corridor on Broadway from Chambers to Battery Park the initial rent rates have rose 36% to $184 a square foot since spring of 2010. Driving in the surge is desire to be as close to the World Trade Center site when it is complete. Besides the new towers and WTC Memorial, there will be approximately 360,000 square feet of retail space in 2014. Initially retailers were fearful of arriving too early but as buildings rise the area’s commercial profile is reshaping.

Peck Slip Work to Begin

July 5 – Another significant street reconstruction project is about to begin in Lower Manhattan. The $20 million Peck Slip reconstruction project will begin in late July and will continue through 2015. City official report the project is necessary to replace the aging infrastructure beneath Peck Slip, including the water main which dates to 1906. The project also includes curb-to-curb replacement, new sewer pipes and utility upgrades.

Cortlandt Street Work Continues

July 5 – Work at Cortland Street station is progressing and the M.T.A. expects to reopen the entire stop for the 10^th anniversary of September 11, reported the New York Times. As part of the $1.4 billion Fulton Street Transit Center project the southbound station is undergoing a renovation that began in 2009.

No Charges for Third Deutsche Bank Fire Defendant

July 6 – Manhattan Supreme Court Justice Rena Uviller acquitted the third defendant, Mitchel Alvo from the Deutsche Bank building fire, reported CBS New York. The John Galt Corp. was found guilty of second-degree reckless endangerment, which was the only conviction in the criminal case. Two other defendants were cleared of charges last week by a jury.

Nationally Employers are Leasing Space but at a Slower Pace

July 7 – The Wall Street Journal reports, the office market is reflecting the general status of the economic recovery, as employers took less office space in the second quarter than the first quarter of 2011. The amount of occupied space did rise from April to June as did rents.

WTC Memorial Reservations to Begin Monday

July 7 – The National September 11 Memorial will begin offering free timed admission tickets on Monday, July 11. The sign up for the timed-entry passes will be via the sites website, www.911memorial.org, beginning at 9 a.m. Memorial official say the site’s capacity is approximately 1,500 people at once. Victims’ families can reserve passes through a dedicated phone line. There will also be special hours for residents and first responders to the attacks. The Access to the Memorial will be limited because of the surrounding construction on the rest of the site.