The Wall Street market, more commonly known as the Financial District, (New Yorkers call it FiDi) has seen a transformation over the past few years – evolving from a commercial into a residential neighborhood and achieving its status as a relatively affordable downtown alternative to nearby Tribeca. While the demand is rising, there is still very low inventory in the neighborhood. At present, it seems as though apartments are not moving on and off the market as fast as other neighborhoods.
Offering lower prices per square meter than the vast majority of Manhattan neighborhoods, the “FiDi” area is understandably in demand, but recent retail and residential developments have made it an even more attractive neighborhood for families. No longer is it a neighborhood that is dark and vacant after 6:00pm when people leave their offices.
The Financial District is undergoing a transformation with a number of retail developments and residential construction, especially near the Fulton Street corridor. With the opening of the Fulton Center transit hub, the area’s transportation options are now superb. The new transit hub offers access to five different subway lines, which makes traveling from your home to work, in say midtown, easier than ever.
2. What kind of real estate is mostly asked for?
My clients are predominately looking for one-bedroom or two-bedroom condos to function as investment properties. Luxury buildings such as 20 Pine Street and 40 Broad Street (The Setai) were and still are still attractive buildings for buyers. New developments such as 75 Nassau and 5 Beekman are also on buyers’ radar.
I have had many clients who loved the views and neighborhood feel of Battery Park City, but when they learned about the high real estate taxes involved with purchasing a Battery Park City apartment, they looked elsewhere. Until a few years ago, the surrounding Financial District offered comparable views but lacked the neighborhood feel of Battery Park City and wasn’t seen as a comparable alternative. All that is changing now.
3. Is there a housing standard that is typical for the market?
Most existing and new Financial District residential buildings feature an extensive list of amenities, another reason why many people find the neighborhood to be an attractive option. Roof decks with breathtaking views of lower Manhattan are very popular features of both rental and condominium buildings.
The reality is that the Wall Street real estate market suffered greatly following the September 11th terrorist attacks. Vacancy rates rose tremendously and jobs fled the area too. Since that time, the Financial District has been a work in progress, whereas other neighborhoods in Manhattan have not suffered in such a way.