Back HomeDowntown Manhattan after the Housing Crisis
Downtown New York City Real Estate has had a central focus on the Financial District specifically. What the market (and its residences) have not accounted for are the affects of the surround neighborhoods.
“The New York market has officially rebounded… Manhattan real estate, long thought of as a safe harbor for investments, started its rebound quicker than other regions across the country that were worse hit” (1). Since 2001, the population of lower Manhattan has more than doubled (2).
Firms are now looking into developing modern luxury residences of the increasing demand for properties of that caliber. Development companies believe that what they have done for 57th street (Billionaire’s Row), they can also do for the Financial District and surrounding neighborhoods like Tribeca and SoHo.
Many of the luxury residences planned for the future are in the “mid” price range, ie 3-7 million, which was the range missing in Billionaire’s Row. Billy Gray writes “A rendering of Kravitz’s 75 Kenmare, where condos will be priced from $1.7 million to $12 million” (2). Despite some (relatively) conservative price points, the new developments taking place are not short of the condos in the higher price range. For example, the planned building on 10 Sullivan street has a “3,000-square-foot condo for $11 million and a $29 million duplex.”
(1) Forbes
(2) Hollywood Reporter
