Investing in New York City
The Civic Center is Waking Up
Lower Manhattan is continuing to birth new projects, adding to the culture and style that is already present in this area. Civic center, is near City Hall, , and it has been attracting a lot of attention lately from people excited about what’s happening in Lower Manhattan. Civic Center is known for its quiet yet charming traits. This sleepy area has been brought to life with all of the new developments that are emerging, including retail which is sure to follow. The entrance to , making it easy to commute from one borough to the next.
There are a lot of re-developments occurring in this neighborhood, which places it on the radar for Manhattan apartment hunters. Existing right in the vicinity of the , the World Trade Center, 9/11 Memorial and such, the Civic Center is a great addition to the many developments that are causing this neighborhood to flourish. With the possibility of Manhattan residents flocking into this area, the real estate market can look forward to a big increase, which contributes to the . The Financial District is already a prominent part of Lower Manhattan and the Civic Center will be nothing more than an added plus.
The Civic Center is home to a number of condominiums in addition to 8 Spruce, which 90 percent of is now occupied. 5 Beekman Street is home to 285 Thompson hotels room and an 85-unit condominium. There is also 113 Nassau St, which is a 169-unit rental building. Last but not least, are the redevelopments of the Woolworth building, with top floor condos that will run for about $15 Million and up.
In addition to the activity surrounding the developments of these residential properties, retail is attempting to get a shot at this opportunity for growth in Lower Manhattan. Next in line, are some retail projects such as a 12,000 square feet restaurant and event space coming to 5 Beekman Street in 2014, as well as a promise to bring a high-end restaurant to 99 Church Street. If Lower Manhattan continues in the direction they’re going, retail will soon be joining these in their upward progressive.