Back HomeThe Rise of the Financial District
Up until 2014, upon the completion of the Freedom Tower (also known as the World Trade Center), the Financial District was simply that: The Financial District. It is a place where small firms and large corporations alike would lease office space during the week. And on weekends? One would be hard-pressed to find a local grocery store, let alone an on-trend restaurant.
Although financial institutions dominate the majority of lease rentals in the Financial District, there has been a surge of larger, more creative type of corporations. The Conde Nast offices (encompassing Vogue, Architectural Digest, and the like) have moved to One World Trade Center at Brookfield Place, the heart of the gentrified financial district (1). This has given rise to what many call the reinvention of the neighborhood.
Photo Via New York Times
With the start of 2016, the evolution of the Financial District over the past few years is evident; and future construction in well under way. The new World Trade Center gave way to further ease of transportation for commuters. The WTC Path Train Station’s renovation and accessible underground pedestrian walkways make the Freedom Tower a commute destination rather than an office building.
Nearby, the Fulton street station has also been newly renovated, servicing “up to 300,000 passengers a day” through its nine subway lines (2). Both the WTC walkways and the Fulton Street station (coined a “Crystal Palace” by Vivian Yee of the New York Times) have a central focus on aesthetics (2). This creates more “natural” foot traffic, making transportation stations a hub and destination.
Photo Via Corcoran
The Financial District has become increasingly “residential” as more amenities advantageous to young professionals and families are becoming popular. Whole Foods, which has recently opened in TriBeCa, may be coming to Wall Street. This will compete with the Eataly opening at 4 World Trade Center and the already popular Le District at Brookfield Place (3). On trend hotels with world class restaurants and bars are developing: the Beekman Hotel is expected to open in May and “… is an ideal location that offers a singularly fresh experience that’s sustainable over time, such as being a block away from Fulton Center and two-and-a-half blocks away from the World Trade Center’s Class A office space” (4). As the neighborhood itself expands, it creates the need for gentrification and the rise of the new.
Written by Kylie Keller
(1) Forbes
(2) NY Times
(3) Crains New York
(4) New York Post
