In recent years, the Financial District has taken a lot of hard blows, from the September 11th attacks to the devastation of Hurricane Sandy, but the neighborhood has persevered and promises to be stronger than ever despite some of the problems facing the revitalization of the Pier 17 shopping mall. While some of the more obvious signs of this include the newly opened 4 orld Trade Center and the Freedom Tower opening late next year, there also an astounding 17 new developments and luxury conversions under construction or on the way.
According to The Post, and its interview with Rodrigo Nino, CEO of Prodigy network, about 80,000 people and 350 companies are moving downtown to the Financial District from Midtown in the near future. The Fulton Center subway terminal, scheduled to open in mid-2014, additionally promises to be the third busiest terminal in the city with about 300,000 people commuting through it each day.
With all these people going through FiDi on a daily basis, there’s sure to be an increased demand for residential units, rental space and hotel rooms and developers are counting on it. Buildings like 75 Wall Street and the W Residences have had their square footage values increase rapidly in the past year with forecasts saying this is just the beginning. Adding to the rush for prime FiDi property, Silverstein Properties is working on an 82-story tower at 30 Park Place with 157 condominiums and an 185-room hotel, all scheduled for completion by 2016.
Yet not all the fuss is about new construction, there are also some intense conversions happening in landmarked buildings. There’s a massive, 10,000 sq. foot fixer-upper enthusiast’s dream property for sale at 15 Park Row while the freshly landmarked Woolworth Building is seeing its own condo conversion that is set to be finished mid-2014. Another landmark building, 70 Pine Street, is currently being converted into ultra high-end condos since being acquired by Rose Associates. The converted 70 Pine Street will feature 644 apartments, 132 hotel rooms and retail space.
To think that this is just the beginning of the new Financial District is simply astounding. As the new office spaces open up and the ultra luxury conversions and developments finish, FiDi is certain to be the shining star of Manhattan. In fact, Jonathan Miller of the appraisal firm Miller Samuel estimates that while FiDi’s average square footage cost is still only $1,088, he says FiDi’s growth exceeds Manhattan’s as a whole at a 146% square footage value increase vs. 124% respectively since 2000, with FiDi just getting started.