Property Executives Agree with WTC Developer Silverstein: Lower Manhattan Has Remade Itself into Ame

February 29, 2016

But Concern About Flooding Tempers Enthusiasm and May Affect Decisions to Invest, Buy or Lease, According to New Survey of Real Estate Professionals

(NEW YORK, NY-- Feb. 29, 2016) - Real estate executives agree with World Trade Center developer Larry Silverstein: “Lower Manhattan has…remade itself into the new media and entertainment capital of America.”

A vast majority – 70 percent – of executives agreed with that statement in a new survey by Marks Paneth, the accounting firm.

And more than a quarter – 26 percent – said they “greatly agree.”

That’s according to Marks Paneth’s latest Gotham Commercial Real Estate Monitor, a recently completed survey of over 100 New York commercial property owners, brokers, agents, engineers, accountants and lawyers specializing in the commercial space.

But their enthusiasm may be tempered by a separate concern: Half of the executives surveyed said the possibility of flooding in low-lying areas – like the financial district – are a “significant factor” in decisions made by property investors, buyers and tenants.

“Executives are confident that the new World Trade Center is accomplishing its mission and transforming Lower Manhattan into a media and entertainment powerhouse,” says William H. Jennings, Partner-in-Charge of the Real Estate Group at Marks Paneth. “But given recent memories of the impact of Hurricane Sandy, it’s understandable that they have concerns about the neighborhood as well.”

To receive a copy of the Gotham Commercial Real Estate Monitor and/or to speak with a leader from Marks Paneth’s Real Estate Group, please contact John McKenna of ICR LLC at 203.682.8252 or

About Marks Paneth

Marks Paneth LLP is an accounting firm with more than 600 people, including over 80 partners and principals. The firm provides public and private businesses with a full range of auditing, accounting, tax, consulting, trade remediation and valuation services as well as litigation and financial advisory services to domestic and international clients. The firm also specializes in providing tax advisory and consulting for high-net-worth individuals and their families, as well as a wide range of services for international, real estate, hospitality, media, entertainment, nonprofit and government services clients.  The firm has a strong track record supporting emerging growth companies, entrepreneurs, business owners and investors as they navigate the business life cycle. The firm's subsidiary, Tailored Technologies, LLC, provides information technology consulting services.

In addition, Marks Paneth’s membership in Morison KSi Ltd., a leading international association for independent business advisers, financial consulting and accounting firms, facilitates service delivery to clients throughout the United States and around the world. Marks Paneth, whose origins date back to 1907, is the 35th largest accounting firm in the nation and the 9th largest in the mid-Atlantic region. In addition, readers of the New York Law Journal rank Marks Paneth as one of the area's top three forensic accounting firms for the fifth year in a row.

Marks Paneth is headquartered in New York City, with additional offices in Washington, DC, New Jersey, Long Island and Westchester. For more information, please visit 


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