February 7th - February 10th, 2011

Office Market Rebound Continues

February 7 – A new report from Colliers International, published by Commercial Property Executive, shows office absorption is on the rise, vacancy is slipping and pricing for Class A product in central business districts is beginning to creep up. Improvement continued to gain traction during the fourth quarter of 2010, according to Colliers’ survey of 62 largest U.S. office markets. In Manhattan, availability dropped 30 basis points to 13 percent.

Conde Nast WTC Lease Nearly Finalized

February 7 – Signing could come as soon as late this month says Crain’s New York Business. The deal for Conde Nast to lease 1 million square feet at One World Trade Center would move the building closer to being 85% leased. Douglas Durst, chairman of the Durst Organization, which has an agreement to buy a $100 million stake in the tower at Ground Zero, told the paper, he is heading to China next week, in the hopes of signing more tenants.

Ground Zero Islamic Center Loses Imam

February 7 - Senior adviser Imam Abdallah Adhami announced that he's stepping down to write a book, less than a month after he signed on at Park51. Crain’s New York Business reports it's unclear what Mr. Adhami's departure means for the project. Management earlier said it was close to naming other advisers, as well as an executive director.

Oppenheimer & Co. Moving into Former Goldman HQ

February 7 - Crain’s New York Business is reporting say there is a deal for Oppenheimer & Co. to take 290,000 square feet at 85 Broad Street, the vacant, 1.2 million-square-foot tower between Bridge and Stone streets. The transaction would be welcome news for downtown, which just lost a major tenant when Deloitte reached a deal to relocate to Rockefeller Center from the World Financial Center.

Fatal 130 Liberty Fire Trial Date Set

February 7 – Jury selection is expected to begin March 21 for the trial of three construction-company employees and the John Galt Corp. Mitchel Alvo, Salvatore DePaola and Jeffrey Melofchik have pleaded not guilty in the August 2007 blaze at the former Deutsche Bank building, which killed two firefighters. The men say they're being scapegoated for a raft of regulatory failures at the building.

Half-Marathon Will be Held in Battery Park City

February 7 – CB1 members criticized obstructions and nuisances they said would be created by Police Department crowd control barriers on River Terrace, a TV compound and generator on North End Avenue, and 50-60 portable toilets at two locations on River Terrace – all for the March 20^th event.  But the Bloomberg administration told The Battery Park City Broadsheet Daily, the location of the event won’t be changed. CB1 suggested Pier 25 or Pier 40 for the estimated 10,000 runners.

LMCCC Takes Part in Bankside in London Web Chat

February 7 –  The half-day conference which LMCCC Executive Director Bob Harvey participated in focused on the achievements of the Bankside Logistics Group in coordinating $8 billion of construction projects at Bankside and London Bridge since 2008. Harvey expounded on the best practices the Lower Manhattan Construction Command Center has used, in managing more than $20 billion of construction in Lower Manhattan 2004. London Se1Business News reported during the live transatlantic link-up, participants were able to build upon their knowledge of coordinating large scale projects under construction.

Water Main Construction Starts on Franklin Street

February 8 - TransportationDowntownFranklin StreetHudson StreetTriBeCaconstructionDepartment of Design and ConstructionHudson Street water mainLower Manhattan Construction Command CenterThis week, only one lane will remain open on Franklin between Greenwich and Hudson Streets, as the city begins installing a new water main. DNAINFO.com reports the city hopes this work will chop six month off the anticipated five-year water main project. Work hours will be 7 a.m. to 10 p.m. Monday to Friday and 10 a.m. to 10 p.m. weekends, as needed. The city will try not to do any noisy work before 8 a.m.

World's First ‘Green’ Ferries to Sail in NY Harbor

February 8 – Statue Cruises told The Battery Park City Broadsheet Daily that the new 1,400-horsepower Hornblower Hybrid will run on a high-tech mix of clean, Tier-2 diesel engines, hydrogen fuel cells, solar panels and wind turbines. Starting in April, it will ferry passengers to popular national landmarks like the Statue of Liberty and Ellis Island. The combination is a "genuine breakthrough project," explained Gavin Higgins, Derecktor vice president for Business Development. "This boat will produce minimal carbon emissions and sip, rather than guzzle diesel fuel. Along the way, it will help make New York harbor a cleaner, safer and more pleasant place."

Deutsche Bank Deconstruction Reaches Street Level

February 9 – PoliticsDowntownDeutsche Bank buildingLower ManhattanScott StringerBovis Lend LeaseLower Manhattan Development CorporationTrialThe former 41-story tower, damaged and contaminated with toxic debris on 9/11, is now down to ground level. DNAINFO.com reported crews are still dismantling the building's basement and the LMDC expects the job to be entirely done within the next couple weeks, so the site can be turned over to the Port Authority to build the underground vehicle security center and parking garage for the World Trade Center site. Manhattan Borough President Scott Stringer hopes to hold a public forum later this month to discuss future plans for the site.

LMCC to Manage River To River Festival

February 10 – The popular, free summer arts extravaganza that brings music, film, dance, visual arts, and family events to Lower Manhattan will now be run by the LMCC, the Lower Manhattan Cultural Council. The Downtown Alliance told The Battery Park Broadsheet Daily, that it turned management of the event over to the LMCC because ‘it is ideally positioned to take the River to River Festival to the next level," said Elizabeth Berger, president of the Downtown Alliance, which will remain involved as a major sponsor of the program.

The Blue Man Group to Open Lower Manhattan School

February 10 – 241 Water Street will now be known as The Blue School, a 33, 168 sq ft building, purchased for $15 million by the Blue Man Group, known for their theatrical black-light performances. It’s a $29,820-a-year primary school, which builds rainforests in the classroom and has black light-laden "glow time" as part of the curriculum and it will continue its ascent up the ladder of expensive, trendy, progressive schools writes The New York Observer.