CityRealty Insider > New Developments in the News

New Developments in the News

JUNE 28, 2010

A new plan would make Lower Manhattan more people-friendly, and the mayor thinks there is still manufacturing in the city.

In what Assemblyman Vito J. Lopez, called “a victory for affordable housing,” a bill was signed into law recently that would extend protections like rent stabilization to 2008 and 2009 residents of lofts in industrial buildings, provided they had lived in the buildings for at least a year. The bill, similar to legislation that led to the rise of SoHo as a major art center a generation ago, was opposed by the mayor and several business groups who are concerned that the conversion of industrial lofts to residential space will hurt manufacturing in the city.

The Alliance for Downtown New York has unveiled plans for a redesign that would create more dynamic open spaces for residents, workers and visitors to Water Street in Lower Manhattan. Calling the street a “boulevard of economic opportunity,” the Alliance also hopes that an updated Mannahatta (Wall Street) Park will enable the space to host events and gatherings like markets and outdoor concerts.

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