Savvy New York investors are taking a closer look at commercial properties in Lower Manhattan, driven by more than $30 billion of investment in the area’s infrastructure, tenant migration toward lower rents and the expansion of Hudson River Park. “New York is unique in its ability to see submarkets evolve quickly,” says David Cheikin, v.p. of leasing at Brookfield Properties.

The trend is also being seen on the residential side. Steven Witkoff’s purchase last week, along with the Fisher family, of 101....

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