One of the slowest neighborhoods to recover after the 2009 crisis, the Financial District is experiencing a revival.
The area is the second-hottest Manhattan neighborhood for residential construction activity, after Hell’s Kitchen. FiDi is home to about 43,000 residents, The New York Times reported, almost double the population of 23,000 in 2000. The median price of new development condos in the area increased 37 percent in the second quarter to $1.147 million, from $835,000 a year ago, according to data from the Corcoran Group.
With the emergence of new retail, major corporate tenants such as Condé Nast and impending opening of the $1.4 billion Fulton Center transit hub, the Financial District is leveling up. We take a look at the market, right here, right now:
Number of units under construction as of Sept. 18: 1,493
Number of units on the market for sale: 87
Average listing price per square foot: $2,010 (compared to $2,502 for all condos in Manhattan)
Most abundant unit type: One-bedrooms, which account for a third of the units on the market.
Most expensive unit on the market: $22.645 million ($6,300 per square foot) for Penthouse 59B at 50 West Street. The 3,594-square-foot half-floor condo has three bedrooms, four bathrooms and a wall of windows, with three exposures providing panoramic views of New York Harbor and the Statue of Liberty. Kitchens are lavished with stone slab countertops and backsplashes, extra-spacious refrigerators and freezers, six-burner stove and full-height wine refrigerator. The master bathroom features large marble stone slabs, a freestanding soaking tub, benched steam shower and sauna.
Cheapest unit on the market: $675,000 (1,161 per square foot) for Unit 612 at 99 John Street. The 581-square-foot studio with sleeping alcove has 11-foot ceilings, hardwood floors, bathroom with marble floor and open kitchen with breakfast bar, grey stone countertops, white lacquer cabinets and Electrolux appliances.
50 West Street — Time Equities’ divinely curved 780-foot-tall condo tower boasts 191 one- to five-bedroom apartments, many of which are duplexes. Helmut Jahn designed the rounded 64-story development, and Thomas Juul-Hansen crafted the interiors with natural materials and understated fixtures. The copious amenities include a Water Club with 60-foot swimmming pool, 8′ by 8′ hot tub and marble-wrapped steam room; full-floor gym with floor-to-ceiling windows and a full floor for entertainment, with a theater, library, lounge, game room, demo kitchen and children’s playroom with outdoor space. The crowning amenity, though, is a 734-foot-high landscaped observatory with binocular tower viewers, two barbecues, outdoor kitchen, banquet table and private dining areas.
The Beekman — Located at 5 Beekman Street, the landmark conversion by GB Lodging consists of a 287-room hotel and 68 condos. The residences will rise in a 51-story glassy tower adjacent to the hotel portion, a fully restored, nine-story Victorian atrium first built in 1883 and formerly known as Temple Court. The apartments will range in size from 700 to 3,550 square feet, while the two full-floor penthouses will offer private outdoor space. The ubiquitous Thomas Juul-Hansen will design the interiors. Residents will enjoy views of the Brooklyn Bridge, Statue of Liberty, Empire State Building and World Trade Center.
The Woolworth Tower Residences — Alchemy Properties paid $68 million to acquire the top 30 floors of the celebrated “Cathedral of Commerce” at 233 Broadway, the tallest tower in the world when it was built in 1913. Thierry Despont is designing the 34 luxury condominiums, and the penthouse at the very top will have nine floors and ask a prodigious $110 million. The “Pinnacle” unit will span 9,400 square feet, with just under 500 square feet of outdoor space — translating to $11,700 per square foot, a record for Downtown Manhattan, The Real Deal reported. Pricing starts at $3.9 million for a 1,290-square-foot apartment on the 44th floor.