New York Real Estate: How Conde Nast Could Revitalize Lower NYC
"This has changed the way people think of the financial district," says Douglas Elliman retail group chairman Faith Hope Consolo
This story first appeared in the Oct. 3 issue of The Hollywood Reporter magazine.
When the publishing giant moves to the Freedom Tower at 1 World Trade Center in November, its tastemakers will find themselves in a far from glitzy neighborhood. But real estate watchers believe the arrival will hasten the area's upscale transformation.
"This has changed the way people think of the financial district," says Faith Hope Consolo, Douglas Elliman retail group chairman. Revlon and Time Inc. will join Conde Nast way downtown in 2015.
Luxury residences are popping up, too. The Frank Gehry-designed 8 Spruce Street and W New York Downtown residences lured buyers from SoHo and Tribeca.
Coming soon are 125 Greenwich (at 1,356 feet high, it will be downtown's tallest residential building) and the 82-story 30 Park Place (where Four Seasons Residences run $3 million to $60 million). Equinox and SoulCycle have opened or will soon, while Drybar is on the hunt for a location.
Retail rents are up 22 percent over the previous year and chic haunts are on the way.
"Restaurants traditionally struggle below Chambers Street," says Matt Duckor, restaurant editor at Conde Nast's Epicurious.
That should change when Keith McNally and Tom Colicchio open outposts at new tower 5 Beekman Street, with a Victorian landmark building next door. Between salads, Vogue editors can flock to Paul Smith, Burberry and likely a Saks at nearby Brookfield Place concourse, which is yet to open, with a second shopping mecca, Westfield World Trade Center (where Apple and Michael Kors are expected), also on the way.
Will their mall-like trappings repel Anna Wintour's minions? "I don't see it," says Consolo. "FiDi is fashionable."
Oct. 6 1:24 p.m. Updated with new information about the 5 Beekman Street area.