Financial District

dont bother... nobody else is.. there is a huge overhang of units. rents are coming down. sellers will easily take 10% off the advertised price, tax abatements, free washing machine, will pay their own fees and taxes ..... and they are not shifting.

25 broad shelved the plan to go condo and will prob go rental, nothing is selling. noisey, not called the canyons for nothing as very little natural light hits the apts.

save yourself the hassle

The neighborhood does offer good value per square foot, partly because it's less residential than many other areas of Manhattan.

My oft-used line is that in five to ten years FiDi should feel like Midtown -- lots of condo inventory, a relative shortage of schools, tall buildings and luxury stores.

Resale should be supported by the fact that inventory is mostly condos -- which foreign buyers, especially, like the convenience and rentability of. On the other hand, most of that condo stock is somewhat tax-abated, and those taxes are going to rise over time. You've got to treat that as risk, because in a flat market, a unit with rising costs should have a declining price.

As far as quality of life, the most obvious complaints someone relocating from the West Village would probably have are the canyon effect of the tall buildings, the lack of a lot of grocery stores (the opening of Whole Foods Tribeca will be a help, but that's still a schlep from say, John Street), and the fact that there isn't a lot around to do at night.

However, I put a first-time buyer into a co-op down on Hanover Square, and he's really been enjoying it.

If you're not already working with a broker, let me know if you have any more specific questions.

ali r.
{downtown broker}

I am a Tribeca resident, but I have to disagree with the assessments of the FD. Yeah, there are some crappy streets, but if you like classic buildings, quiet weekends and a touch of history, plus access to arguably the best park in the city (Wagner-Rockefeller Parks) you can't deny the value. The tax abatements not withstanding, there are still some bargains out there. There are many families moving in and eventually some more services will catch up. I dont think you even need a 5+ year timeframe to make it "liveable" -- it is kind of cool as it is . . . one caveat -- if I were a single guy, I would probably steer clear until I had a brood to worry about. It is VERRRY quiet so nice for family chumps (like me) but not a great social option for the youngsters . . .

Stay in the West Village...the financial district isn't a residential neighborhood no matter how many apts they build.

I don't follow FIDI closely (I'm there occasionally but it's not for me), but this article, from last month, wasn't very positive on the neighborhood in terms of transactions and inventory:

http://ny.therealdeal.com/articles/financial-district-boom-slows

Hi SJ123 -- It was fun to see your post. We sold an apartment in the West Village in December '07 and have invested in 45 John. My husband and I are very excited about moving to the Financial District. We've been spending weekends there while waiting on our apartment to be completed. To me, it's the perfect chose for relocating: I love how quiet it is on weeknights and the number of subways available is insane. Also, we've had brunch on Stone street and there's definitely a neighborhood-feel there. I don't love the supermarkets, but Whole Foods is opening a stop away in Tribeca. Also, 45 John has a refrigerated area to hold Fresh Direct (or other food deliveries) during work hours. We have no light in our apartment which was the biggest trade-off. But, we're having a baby and PS 234 is even better than the two schools we were zoned for in the WV. I have heard that 234 is getting really overcrowded, but that means a brand-new school in FIDI. We thought long and hard about selling and this was the one neighborhood we felt that we could really afford and get a lot of what we had in the West Village. Anyway, we're excited!

One more thought that goes along with markznyc: you'd be surprised at how many strollers you see there. Although, there is definitely an international vibe there, the amount of families moving in is undeniable. (Like myself and Markz.)

You really should check it out for yourself. The narrow streets and atmosphere remind me of London and Paris. Price per square foot is cheaper than average now, but will surge in the next 5-7 years ast the WTC is rebuilt and the economy recovers generally. It is kind of silly to distinguish it much from Tribeca. I mean, it's like a three minute walk from Fulton Street to Chambers Street. Also, the Seaport a lot of little parks are right there. Not to mention all the Subway lines at Fulton Street. Even if the building of the transit center is slow, the subway lines are already there and running. You can get anywhere in the city in minutes.

Re grocery stores, I use to live in Chelsea, and all I had was Whole Foods. Here there is a new Gristedes, Jubilee, Zaytana, and an Associated Store just a couple of blocks east. And the Amish Market is a 10 minute walk away, as will be the new Whole Foods Store. The place is loaded with grocery stores, dry cleaners and drug stores.

No major nightlife compared to Chelsea and the Village, but that's a mixed blessing.

Rents and prices are cheaper now, which is all the more reason to come on down. It is a great place to be and will prove to be an even better investment in the years to come.

But, check it out for yourself and see what you think.

I just went to Ulysses on Stone Street last night at around 11pm and was pleasantly surprised to see that there was a very hip young professional crowd there and they looked like locals not just the work crowd (i.e. not in work attire). It was a full house too!--in no small part due to the great weather. There were people out walking their dogs--too late for the strollers. I felt a great neighborhood vibe with eye candy as a bonus. Earlier that night I also saw plenty of people dining in an outdoor restaurant along Greenwich Street on my way to a friends place at 88 Greenwich--where we sat on the sky lounge enjoying good wine and conversation with a view of all the great architecture, water and stars. In the interest of disclosure, I am moving in to the area (hopefully) before the end of the year--can't wait! But really all this means is that I was paying close attention to my future neighborhood. I actually didn't expect to see all these scenes as I expect most of the change to occur after all the new residents move in later this year. Anybody who hasn't been down there in a while and who is interested should definitely check it out.

We just moved to Fulton St. I've lived in Midtown for the past 16 years and can tell you that things are great down here.This was not always the case,for a long time places rolled up at night,but now it's very different.New restaurants and Bars at the Seaport, several major restaurants are planning on opening within the next year. There are so few up and coming neighborhoods left in the city,8 years ago nobody wanted to go near the meatpacking district or Chelsea.So getting in now is not so crazy,you can make the area you're own.

One of the biggest issues with Financial Dist are the idiot developers (20 Pine, William Beaver, District) that took great buildings and turned them into "too slick" condos for singles when all of the demand (and most of Tribeca and FD) are for family units. If they would have made 80% of that inventory 2-3 bedrooms which is what the hood really needs they would be ahead of the game . . .

SJ123 -- if you're interested, a search in discussions for "financial district" will give you a few threads that relate to your question. They look similar to this one -- a few people saying "no way" and then others who live there saying it's the best thing ever.

The financial district is not a neighborhood...it's a business district.

... and tribeca and Soho were industrial zones . . all of NY is a business district. silly comment.

I agree MarkZ, like I said 8 years ago nobody would go near the meatpacking district

i love the fidi, it's a great area and most people who dont like it never lived here but probably at one point worked here. it's true ps234 is getting super croweded but i beleive the new school on beeckman should be up by 2010. the montosorri school is great ( the 2 gold campus ) and it's filling up pretty fast. there are a lot of families that are moving here and i totally agree with markznyc about the markeitng of certian buildings with thier sexy BS, what somepeople are doing are combining two 1 bd apts to get the space at a decent price for families. we just bought at 99 john and we are seeing more families around.

There are 2 bed room, 2 baths in Chelsea listed for 2.4m, and in FiDi for 1.3m. Fake. Plastic. Trees. Even in a slow growth mrkt, you can;t go wrong buying in FiDi. Value investors are all over FiDi. Yes, it will never be Chelsea but when the same place is selling for 3m in Chelsea, the FiDi place will go for 1.9/2m easy. People gotta live.

FiDi will soar in the next 3-5 years as the WTC and Fulton St. station get completed, and as the neighborhood continues to evolve. Tribeca prices may be a better benchmark than Chelsea, given that FiDi and Tribeca blend into each other.

I lived in the West Village for 17 years and moved to FiDi 3 years ago. It's a matter of taste, of course, but I highly recommend this neighborhood (and not just because I own here). There are "canyons" yes (I find them architecturally stunning and steeped in history), but there are also a lot more plazas where you get a good dose of wide open space where you can just be outside and not shoulder to shoulder with everyone else. In addition to Battery Park City, there's Battery Park. And the Seaport is getting set to undergo a major overhaul which will make it much more appealing to locals (it already has one of the best summer concert series, along with Battery Park). I have never been frustrated by lack of services (plenty of grocery stores, Duane Reades, newsstands, etc.) and basically every train is within blocks (quicker to get places from here than often was the case in the WV). And while the nabe isn't bursting with bars and restaurants, there are plenty of great places. I also have a sense of community with others who live in the nabe that I hadn't felt in the WV in a long time. I get a sense from these boards that those who don't live here often knock it, because they probably only know it from visiting mid-week during the day. And I think you'll find those who live here almost invariably highly recommend it. It likely depends on what's important to you: little leafy streets with lots of nightlife (and little apartments and lots of crowds), or bigger spaces both apartmentwise and in lack of crowds(but no "quaint buildings" and lack of block after block of bars and restaurants).

emma63 well said

I've lived in lower manhattan for 6 or 7 years- first Tribeca then BPC and now we just bought in the FiDi and since we have a young kid I keep current with what is going on in terms of the neighborhood and the community board mtgs etc. Yes right now the construction sucks but I think that if that is something you can tolerate for now that it will end up being really nice. I know that there is one new elementary school opening in 2010 whcih I understand will be totally state of the art and another one tat the CB1 is pushing to get in the new seaport development-- that fact alone will make this an evenmore attractive neighborhood for families. There are many preschools as well. In addition they are starting construction this summer on the new David Rockwell designed park at Burlington slip and also I just found out opening a fresh food market in the Seaport near where the old fish market was-- not far from the north part of Front St which is lovely in my opinion. All that and as someone else posted it is a 20 min walk from where we are in the north FiDi to Tribeca or the parks in BPC which is so nice in the summertime.

There are a bunch of projects being started currently or planned for the near future to revitalize and beautify the Fulton St/Nassua area and the plans for developing the Esplanade and Pier 17 look amazing. We are supposed to get a community center like the one that just opened in Tribeca. It will be gradual but I think a big difference will be seen in the next few years. The Community Board in lower manhattan is very active and dedicated to making it a great place to live and there is a very active tight knit neighborhood mother's group which gives a very neighborhood feel. And personally I LOVE the old New York feel-- My 2 cents...

sak141 do u know when the fresh food market will open ?

sfo- I'm not sure- I was reading the Downtown Express last week and it just said "this summer" on South St between FUlton and Beekman I think and saw it referenced in a couple other places HOWEVER there is this "New Amsterdam Market" being advertised for the 29th of June as well from 11-4pm -- I think this is something different and seems to be a more local thing.... the permanent market is a first phase of the new plan for the seaport by General Growth. I'll post more when I find out details...