Financial District

I worked on wall st for several years. Finding a decent place for lunch that you hadn't alerady been to in the last few days was an effort. Couldn't wait to get out of the place in the evenings. It's DEAD at the w/e. BPC is a nice place to wander through on a sunny saturday - wouldn't want to live there though. Few grocery stores and SS Seaport area is a disaster in summer with tourists. The girls in Nassau bar do wear bikinis, so thats a plus (118 Nassau St). Just move to Brooklyn instead - FiDi is not trading at enough of a discount to justify living there.

Obviously TheStreets know nothing about the FD. Gristides recently opened up on Maiden Lane and a number of new projects (hotels, parks, condos, etc.) are in the mist and in the works. Once the site of the WTC is finally built and the other construction projects ends the FD will be a great family place to live. The new PS234 Annex will be built on Beekman St. Another plus for families.

My opinion is if you can live with the construction for the next 4-5 years and if you can find a nice place there and the price is right, go for it.

In short, I love the neighborhood and I plan to move down here soon. I used to work on Wall Street for many years, and I now frequently visit Wall Street, South Street Seaport, and Battery Park City to see my friends. Two of the families are expecting a new baby, three couples recently got married; three couples own (two of them bought within the past year and moved from UWS) and two couples rent but are looking to buy. They have great apartments, awesome views, and frequently host dinner parties. South Street Seaport is charming and unique, Wall Street is historic and beautiful, and Battery Park's waterfront is a pleasure to visit. Check http://www.downtownny.com/ for food places - there are numerous great restaurants. Here is the neighborhood review, scroll down to see the new retailers in lower Manhattan, e.g., Whole Foods is opening in 2008: http://www.downtownny.com/assets/research/2007%20YEAR%20IN%20REVIEW%20-%20final.pdf
Lower Manhattan is a useful site too: http://lowermanhattan.info/news/ for updates such as the Downtown Parks.
Do your research, plan your day, and spend a few weekends here exploring the neighborhood to form your own opinion. Good luck!

NotAnonymous - So I worked in the area for several years but I know nothing about it ? And you counter with a 5 year projection of how it will become "not a construction site".

EAO - I left that bit out - the whole place is a basically a construction site. For a good chunk of the time I was down there they had Williams St and Pine St torn up to a depth of 5 ft. They are always doing something major on the streets. The WTC will be finished for the 20th Sept 11th anniversary ceremony. As NotAnonymous said "(hotels, parks, condos, etc.) are in the mist and in the works".

I live right beside a Grisfilthies and think it's a good enough reason to leave the area. I'll spend the time walking to Whole Foods or Fairway rather than shopping in there.

the Streets is absolutely right. I moved to Greenwich street, right off West street and across the street from BPC in 2002. I find it hilarious when people say things like "If you can handle the construction for 4-5 years it will be great" They said the same thing in 2002. The only thing that has changed is the number of affluent suckers who have moved there since I moved out in 2005.

Don't get me wrong. If the property value was significantly less it would be worth it. Battery Park City is very nice but you are essentially trapped in that area. There is one dry cleaner, one crappy supermarket...and a few delis. Because of the lack of services the prices are very high and the stores that are there are not that good.

I always had to travel elsewhere for everything. Usually everyone get their food from Fresh Direct (I enjoy shopping for food so I would take the train to Whole Foods in Union Square), The only time I ate at a restaurant was if I absolutely had to.

If you're considering BPC the person who told you to go to Brooklyn is absolutely right. That is a real community and a likely better value for your money.

Not sure what part of Manhattan does not have a lot of construction going on. I was living in a construction zone in Chelsea for five years. I don't notice a whole lot more or less noise when I am in the Financial District.

I think some of the negative views expressed here are a little out of date. The Finanical District is fast becoming a quiet, desirable residential area. There are a couple of charming little supermarkets in the John and William area (kind of Amish Market/Garden of Eden type -- don't remember their names) and the new Gristedes. Lots of dry cleaners and drug stores as well. Also, it is the center of transportation activity and you can get anywhere in the city in just a block or two walk.

While some of the grand plans for the Fulton Street transportation center may be scaled back (who knows?), Fulton Street is and always will be a major transportation hub.

The area is cheaper because it's in transition, but not a transition because it's sketchy like gentrifying slums in other cities, but it's going from a clean and quiet commercial neighborhood to a clean and quiet residential neighborhood.

And I believe that FiDi has the a better potential for appreciation than any other part of Manhattan. Price per square foot is quite a bit less than average as the area transitions, but as the WTC/Freedom Tower is completed the next 3-4 years, value will skyrocket. Remember, it adjoins Tribeca, and to get an idea where FiDi prices will be in a few years, look at current Tribeca prices. Kind of like how Chelsea and the Village blended into each other in the 90s.

My prediction is that prices in Manhattan will generally be soft or flattish the next year or two, maybe with a modest decline, but in 2010 prices will begin to gradually move up again, and I believe in 5-7 years will surge in FiDi. So if you are going for that time frame, go for it.

There's a reason that Gucci, Tiffany, Cannali and a lot of the other high end retailers are moving down there. Their market analysts aren't stupid.

Not sure what part of Manhattan does not have a lot of construction going on. I was living in a construction zone in Chelsea for five years. I don't notice a whole lot more or less noise when I am in the Financial District.

I think some of the negative views expressed here are a little out of date. The Finanical District is fast becoming a quiet, desirable residential area. There are a couple of charming little supermarkets in the John and William area (kind of Amish Market/Garden of Eden type -- don't remember their names) and the new Gristedes. Lots of dry cleaners and drug stores as well. Also, it is the center of transportation activity and you can get anywhere in the city in just a block or two walk.

While some of the grand plans for the Fulton Street transportation center may be scaled back (who knows?), Fulton Street is and always will be a major transportation hub.

The area is cheaper because it's in transition, but not a transition because it's sketchy like gentrifying slums in other cities, but it's going from a clean and quiet commercial neighborhood to a clean and quiet residential neighborhood.

And I believe that FiDi has the a better potential for appreciation than any other part of Manhattan. Price per square foot is quite a bit less than average as the area transitions, but as the WTC/Freedom Tower is completed the next 3-4 years, value will skyrocket. Remember, it adjoins Tribeca, and to get an idea where FiDi prices will be in a few years, look at current Tribeca prices. Kind of like how Chelsea and the Village blended into each other in the 90s.

My prediction is that prices in Manhattan will generally be soft or flattish the next year or two, maybe with a modest decline, but in 2010 prices will begin to gradually move up again, and I believe in 5-7 years will surge in FiDi. So if you are going for that time frame, go for it.

There's a reason that Gucci, Tiffany, Cannali and a lot of the other high end retailers are moving down there. Their market analysts aren't stupid.

Sorry for the double post, some technical issues!!! Hopefully worth repeating. :-)

Thanks for all of the great feedback. I think we will head down one weekend and explore the area ourselves.

as somebody who does live on john street with a 2-year old, in general I would recommend it to families - i agree with will that this idea that there is no grocery shopping in the area is ridiculous, and with whole foods coming soon, you can choose between the walk over there or the convenience of jubiliee (open 24 hours), zeytuna, and gristedes. It is about a 10 minute walk to the Washington Market playground - one of the city's best, and 10 to 15 minute walk to BPC, which is playground heaven. front street is good for coffee bars, nice dining, the seaport is our suburban shopping mall junk with beautiful views. based on what i've seen in the past year, we may soon have stroller gridlock a la park slope, as i rarely walk in or out of my building without passing a bugaboo or a mclaren

The Financial District is becoming a mecca for families. I live in a building of about 300 units on Liberty street and there must be about 75 to 100 families with small kids in the building. There are day care and nursery schools popping up pretty regularly as the older ones get wait lists. There are kids everywhere in the Financial District now. While restaurants and grocery stores keep coming, it's still a little weak in that area. Zeytuna is good, and with Fresh Direct, the whole grocery thing is bearable. Whole Foods will be a big improvement. The whole noise thing is complete crap. Yes, there's alot construction, but I've lived in midtown, union square, london, rome, and there's no difference in the noise anywhere. If you're really worried about it, get a higher floor. You want quite, move to Long Island. The genius who stated it's dead on the weekends has no clue. There are tourists everywhere, which would be my biggest complaint. But this is New York.

NotAnonymous, tghe ps234 annex has already been built, right next to ps234 on Greenwich and Chambers in tribeca (in 200 Chambers). You are talking about a brand new k-8 school due in 2009 in the yet to be built Gehry designed Beekman tower which will most likely ease crowding in the actual ps234 by rezoning fidi to the new school. Not a bad thing but it will be an unknown school.