FiDi is for Families! The Financial District in Lower Manhattan is less about finance today and more about families. The most historic neighborhood in all of New York is changing rapidly. After 9/11 the neighborhood saw an exodus of both businesses and residents. The neighborhood has since rebounded and has added tens of thousands of new residents. This is partly because of the decrease in overall financial positions and because companies are choosing other areas such as Midtown. While some businesses are leaving, the area is attracting other industries such as the technology industry. According to the Daily News, new tech firms are flocking to the Financial District because of the unique office space and rent.
Wherever you look there is construction going on. The new Fulton Center is a $1.4 billion project under construction by the MTA. The plan includes station rehabilitation’s, new underground passageways, and new above-ground station entrances. The project is intended to improve access to and connections between 11 New York City Subway lines and the New Jersey Path Train. On top of having great transportation by rail, the Financial District is also served by many different ferry services.Besides the new Fulton Center, great progress is being made on the new World Trade Center. The South Street Seaport area has big plans for a complete renovation of the area. The plans include building new housing, hotels, museum marina, and a outdoor amphitheater, and a brand new pier. Last summer the Seaport hosted free outdoor movie nights and cultural events for the public. This winter an ice skating rink was built on Fulton Street. These attractions have helped build a sense of community for the residents here in the Financial District. They have also helped local businesses that suffered from the effects of Hurricane Sandy.There are new residential towers going up all over the Financial District. 70 Pine Street, a soaring historic 66-story Art-Deco skyscraper built in 1932, is undergoing renovation to become a massive luxury rental building. According to the New York Post, the tower will have 644 rental units, more than 100 of them with terraces, plus 132 more on floors 3-6 to be used for extended stays. You can learn more about other new developments in the Financial District by checking out this article from Curbed. All of these projects will continue to transform the neighborhood into a place where people can work and live in harmony.
Guest Post Written By: Colin O’Leary Real Estate Agent with the Manhattan Residential Group